Billionaire hedge-fund manager Ray Dalio is funding a new center dedicated to health equity and justice at the New York-Presbyterian Hospital through his philanthropy.
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The Dalio Center for Health Justice, a research and advocacy organization, was launched on Tuesday as the result of a $50 million grant from Dalio Philanthropies with the goal of reducing health disparities that disproportionately affect communities of color.
“Our goal is to contribute to equal healthcare and equal education because we believe that these are the most fundamental building blocks of equal opportunity and a just society,” Dalio, founder of Dalio Philanthropies and New York-Presbyterian Trustee, said in a statement.
“We know that these don’t adequately exist, and we are excited to have a great partner in NewYork-Presbyterian, who we are confident will find ways to achieve more health justice,” he said.
The Dalio Center will focus on examining and addressing unconscious bias in medicine and clinical trials, as well as fund programs to foster equity in clinical care, among other initiatives, according to a statement from New York-Presbyterian.
Dalio, who is estimated to be worth $16.9 billion, founded the hedge fund firm Bridgewater Associates. He launched Dalio Philanthropies in 2003.
The move comes as the coronavirus pandemic has exposed stark racial disparities in the U.S. health care system. Black and Hispanic people are both about 4.7 times more likely to be hospitalized after contracting COVID-19 compared to white people, according to the Centers for Disease Control and Prevention (CDC). American Indians are about 5.3 times more likely to require hospitalization.
“Long-standing health and social inequities have resulted in increased risk for infection, severe illness, and death from COVID-19 among communities of color,” the CDC said in August.
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