Michael Bloomberg, the billionaire former New York City mayor, announced a substantial $600 million donation from his philanthropic organization to four historically Black medical schools.

The donation will provide $175 million each to Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine, along with $75 million to Charles R. Drew University of Medicine & Science.

These contributions are expected to more than double the endowments of three of the medical schools, significantly easing their financial pressures.

Bloomberg stated that this gift aims to empower new generations of Black doctors and improve health equity in the United States.

Dr. Yolanda Lawson expressed that the recent gifts will not only benefit the four schools but will also positively impact national health by increasing the number of Black physicians.

This donation builds on Bloomberg Philanthropies' previous contributions, including a $100 million donation in 2020 that helped reduce student debt for nearly 1,000 Black medical students.

During a speech at the National Medical Association's annual convention, Bloomberg highlighted the concerning trend of nearly all historically Black medical schools closing over the last century, leaving only four remaining.

Dr. Valerie Montgomery Rice, President and CEO of Morehouse School of Medicine, expressed gratitude for the donation, emphasizing its potential to support students and diversify the healthcare workforce.

Michael Bloomberg cited concerns over declining life expectancy and national shortages of doctors and nurses as motivations for this funding.

Howard University president Ben Vinson III described the donation as 'transformational' for the health professions and the communities served.

Bloomberg Philanthropies is collaborating with the four medical schools on how to best utilize the endowment funds.