Michael Bloomberg, the former mayor of New York City and a billionaire, has made a significant contribution to historically Black medical schools. His charitable organization, Bloomberg Philanthropies, announced a donation of $600 million to four schools, with $175 million going to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine, and $75 million to Charles R Drew University of Medicine & Science. Additionally, $5 million will support the creation of a new medical school in New Orleans by Xavier University of Louisiana and Ochsner Health.
The funding will help these institutions increase class sizes, anticipate growth, and double their endowments. Bloomberg Philanthropies stated that the goal is to enhance diversity in the medical field and train the next generation of doctors. The donation will also improve the schools’ financial stability and capacity to handle rising costs related to tuition, research, and operations.
In a statement, Michael Bloomberg emphasized the importance of equal access to quality healthcare and the need to address health disparities and underrepresentation in the medical field. He expressed his commitment to making a difference and empowering Black doctors to create a more equitable future.
The impact of this donation was praised by university presidents and officials. Howard University’s president, Ben Vinson III, called it transformational for cultivating future health professionals and investing in the well-being of medical students and the communities they will serve. Dr. James EK Hildreth, the president of Meharry Medical College, described the investment as extraordinary and crucial for building a healthcare system that reflects the diversity of people and communities.
This contribution is part of Bloomberg Philanthropies’ Greenwood initiative, which aims to advance racial wealth equity and address systemic underinvestment in Black institutions and communities. It follows previous donations made to the same medical schools, including a $100 million gift in 2020 and an additional $6 million in 2021 to support Covid-19 vaccine access in underserved communities.
In addition to supporting historically Black medical schools, Michael Bloomberg has also donated to other institutions, such as Johns Hopkins University. A $1 billion donation to the university will cover tuition for medical students from families earning less than $300,000 a year and living expenses for those earning less than $175,000. This contribution builds on Bloomberg’s previous $1.8 billion donation to the university in 2018 for undergraduate financial aid.
Overall, Michael Bloomberg’s philanthropic efforts are making a significant impact on education, healthcare, and diversity in the medical field. His commitment to empowering students from all backgrounds and addressing systemic inequalities is commendable and sets an example for others to follow.
