Bloomberg Philanthropies has announced a groundbreaking $600 million gift to bolster the endowments of the nation’s four historically Black medical schools: Charles R. Drew University of Medicine & Science, Meharry Medical College, and Morehouse School of Medicine. Additionally, seed funding will support the creation of the Xavier Ochsner College of Medicine, a new medical school in This monumental investment announced on Tuesday is part of Bloomberg Philanthropies’ Greenwood Initiative, which aims to advance racial wealth equity by addressing systemic underinvestment in Black institutions and communities.
The funding will enhance these historically Black medical schools’ long-standing commitments to diversifying the medical field and training the next generation of doctors. Increasing the schools’ endowments will strengthen their financial stability and capacity to manage rising tuition costs, innovative research, and operational demands. Howard University College of Medicine, and Morehouse School of Medicine will each receive $175 million, while Charles R.
Drew University of Medicine & Science will receive $75 million. This funding will more than double the endowments of three of the four medical schools. Funding levels were determined based on current class sizes and anticipated growth.
The Xavier Ochsner College of Medicine, an HBCU medical school in development in New Orleans, will receive a $5 million grant. This school is a partnership between Xavier University.