It pays to have a med school

The federal government accounts for over half of the R&D expenditures in higher ed. And health research accounts for over half of that source. Below is a ranking of higher ed institutions by R&D expenditures:

30 institutions reporting the largest FY 2021 R&D expenditures in all fields: FYs 2019–21 

Click on table to enlarge and clarify.

a Johns Hopkins University includes the Applied Physics Laboratory, with $1,950 million in total R&D expenditures in FY 2021.

b University of Maryland includes expenditures from University of Maryland, Baltimore and University of Maryland, College Park campuses. In FY 2019, the two campuses began reporting as one research unit to reflect their new strategic partnership. 

Source: https://ncses.nsf.gov/pubs/nsf23303.