Bloomberg Philanthropies is making a monumental impact on the future of healthcare with a $600 million gift aimed at supporting the endowments of four historically Black medical schools: Howard University College of Medicine, Morehouse School of Medicine, Meharry Medical College, and Charles R. Drew University of Medicine and Science. This funding, which is a component of the Greenwood Initiative, is intended to address systemic underinvestment in Black institutions and contribute to the diversification of the medical field. Notably, the funds will double the endowments of three of these institutions, enhancing their research capabilities, expanding operations, and providing much-needed stability against rising tuition costs. The Xavier Ochsner College of Medicine in New Orleans will receive a $5 million grant in addition.
This contribution is in addition to Bloomberg Philanthropies' prior investments, which include a $100 million donation in 2020 and a subsequent $6 million financing in 2021. The organization is dedicated to reducing health disparities by increasing the number of Black physicians, who substantially impact the quality of healthcare for Black patients. The investment is also consistent with the Greenwood Initiative's overarching objectives, which are to promote racial wealth equity utilizing strategic investments in economic empowerment, healthcare, and education. With a steadfast commitment to fostering sustainable change across various sectors, including arts, public health, and education, Bloomberg Philanthropies is paving the way for a brighter, more equitable future.
