Bloomberg’s $600M gift to Black medical schools hailed as ‘history-making’ step for health equity

The money made headlines, but the mission is even more meaningful for champions of health equity.

Michael Bloomberg’s charitable organization announced the donation of $600 million to four Black medical colleges.

Michael Bloomberg’s charitable organization announced the donation of $600 million to four Black medical colleges. Bloomberg and leaders of the colleges disclosed the gift Tuesday at the National Medical Association conference.

Bloomberg Philanthropies is directing $175 million to each of the following institutions: Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. The organization is giving $75 million to Charles R. Drew University of Medicine & Science.

Bloomberg is also giving $5 million to the Xavier Ochsner College of Medicine, an HBCU medical school being built in New Orleans.

Oni Blackstock, MD, founder and executive director of Health Justice, wrote on X that the gift is exciting, “especially given the outsize role these schools play in training Black doctors.”

Blackstock also noted that the gift is particularly important in light of the Supreme Court’s ruling that struck down affirmative action at colleges and universities.

Dr. Yolanda Lawson, president of the National Medical Association, said the gift’s beneficiaries aren’t just the institutions.

“I’m excited for what this history-making gift will mean for Black physicians, Black medical school students and faculty and communities across the United States,” Lawson said in a statement. “This investment will directly improve the pipeline for Black physicians and help to close the health care disparity gap.”

Medical school leaders said the donation could help close disparities in health for Black Americans. Black Americans are more likely to die of cancer, and disparities persist even among those with higher income levels. America’s maternal mortality rate is chilling, but Black women are even more likely to die of complications tied to childbirth, according to federal data.

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Leaders of the institutions said the donation to the institutions would help train more Black doctors, as healthcare leaders say there’s a shortage of Black physicians. About 6% of the nation’s doctors are Black, according to the Association of American Medical Colleges. Conversely, about 12% of Americans are Black, according to the Census Bureau.

Black students accounted for 10% of all first-year enrollees in 2023-24, down from 10.2% the previous year, according to AAMC data.

The gift more than doubles the endowment of three of the medical schools’ endowments, Bloomberg said.

Ben Vinson III, president of Howard University, said the donation would have an impact that would last generations.

“This transformative investment is a commitment to tackle the racial wealth and health gap and address decades of underinvestment in Black communities,” Vinson said in a post on X. “The ripple effects of this gift will extend far beyond our campus, touching the lives of countless patients who will benefit from the expertise and compassion of Howard University College of Medicine graduates.”

Valerie Montgomery Rice, MD, president and CEO of Morehouse School of Medicine, said the donation is “pivotal in fortifying our commitment to help build a future where every community has access to quality healthcare.”

“We not only need more physicians in the future, but we also need a healthcare workforce that is well-equipped to serve a more multigenerational, multicultural American society,” Rice said in a statement.

Dr. James E.K. Hildreth, president and CEO of Meharry Medical College, praised Bloomberg for the investment in medical education, as well as diversity and inclusion.

“This historic investment by Bloomberg Philanthropies is a testament to Meharry’s legacy and to the promise of Meharrians to transform the future of health care for the betterment of all,” Hildreth said.

Dr. David M. Carlisle, president and CEO of Charles R. Drew University of Medicine and Science, said the gift would be transformative for the school and its students.

“Our students will benefit immensely from the expanded opportunities and resources this commitment provides, helping them to become leaders dedicated to health equity and social justice,” Carlisle said in a statement.

In a statement accompanying the announcement of the donation, Bloomberg said he hoped his donation would “empower new generations of Black doctors.

“We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams,” Bloomberg said.

Bloomberg Philanthropies previously donated $100 million to the four historically Black colleges in 2020.

Last month, Bloomberg donated $1 billion to Johns Hopkins University, which will cover the full tuition for medical students from families with income of less than $300,000.

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