Philanthropist and former New York City Mayor Michael Bloomberg has announced that Bloomberg Philanthropies has awarded a $175 million gift to Meharry Medical College to strengthen the college’s endowment and its capacity to advance health equity worldwide. The gift is the largest in Meharry’s history, significantly enhancing its endowment and fueling its long-term efforts to diversify the medical field and train the next generation of doctors.

“Today is a momentous day for Meharry Medical College, elevating and accelerating our mission to serve the underserved of our nation and world,” said Meharry Medical College President/CEO Dr. James E.K. Hildreth. “Meharry holds a distinct place in the health care infrastructure as the oldest and largest independent historically Black academic health sciences center in the nation. 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.”

The commitment is part of a combined $600 million investment by Bloomberg Philanthropies in the nation’s four historically Black medical schools, which, in addition to Meharry, include Charles Drew University of Medicine and Science, Howard University College of Medicine and Morehouse School of Medicine. Bloomberg Philanthropies also contributed seed funding to support the creation of Xavier Ochsner College of Medicine, a new medical school in New Orleans.

The funding is part of Bloomberg Philanthropies’ Greenwood Initiative, which seeks to advance racial wealth equity by addressing systemic underinvestment in Black institutions and communities.

“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 of all backgrounds have an equal opportunity to pursue their dreams,” Bloomberg said in the announcement. “Diversifying the medical field and tackling health inequality are society-wide challenges, and Bloomberg Philanthropies is committed to helping to lead the way in tackling them. This gift builds on our earlier investment in these vital institutions, and it will help new generations of Black doctors build a healthier and more equitable future for our country.”

Founded in 1876, Meharry Medical College was the first medical school in the American South to train and care for Black people. Today, the college includes five schools: the School of Medicine, the School of Dentistry, the School of Graduate Studies, the School of Applied Computational Sciences and the School of Global Health. Thousands of physicians, dentists, researchers, data scientists and public health experts educated by Meharry have gone on to pursue the college’s mission to serve the underserved in rural and urban communities around the world.

Meharry is determined to eliminate health disparities and increase equity and access by creating a more diverse workforce in the U.S. Research has shown that Black patients have better health outcomes when they receive care from a Black provider. Yet, while 13% of the U.S. population is Black, fewer than six percent of doctors are Black, creating a vast equity gap in health care.

Meharry and its fellow historically Black medical schools collectively educate approximately half of Black doctors in the U.S.; however, these institutions continue to have underfunded endowments due to systemic funding inequities. The commitment by Bloomberg Philanthropies directly confronts these historic funding inequities by establishing long-standing financial security to guarantee Meharry continues to fulfill its mission of serving the underserved.

The Bloomberg Philanthropies’ gift follows a $34 million investment the organization made to Meharry in 2020, part of a larger $100 million gift to the historically Black medical schools to reduce student debt during the pandemic. In 2021, Bloomberg Philanthropies donated an additional $6 million to support the medical schools’ vaccination efforts.

“Michael Bloomberg and Bloomberg Philanthropies recognize the enormously important role historically Black medical schools have played and continue to play in ensuring that all Americans receive quality health care, regardless of race or economic status,” said Hildreth. “The entire Meharry family extends our profound gratitude to Bloomberg Philanthropies for its ongoing commitment to our mission and its strong statement that investing in diversity and inclusion is essential to creating a healthier America.”