This week, philanthropist and former New York City Mayor Michael Bloomberg announced one of the largest financial gifts to the country’s four historically Black medical schools in history.
On August 6, Bloomberg Philanthropies announced a $600 million award that will be distributed between the endowments of Charles Drew University of Medicine and Science, Howard University College of Medicine, Morehouse School of Medicine and Meharry Medical College along with seed money to support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans.
The gift is part of the organization’s Greenwood Initiative, designed to promote racial wealth equity by investing in academic institutions that serve students of color. It is also a major step towards diversifying the medical community by strengthening the financial stability of historically Black medical schools and making them more accessible to more Black students.
“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,” said Bloomberg in a statement about the gift on the Bloomberg Philanthropies’ website. “Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
Meharry Medical College President and CEO Dr. James E.K. Hildreth expressed his gratitude for the gift that will help the school fulfill its mission to improve the quality of health care in the Black community.
“For nearly 150 years, Meharrians have committed their lives to eliminating disparities and improving health equity, often in the face of significant discrimination, injustice and adversity. 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,” he said in a statement.