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I'm not exactly sure why everyone on this thread is making it seem as if MDs can do "all the research they want". They are not giving out funding like candy these days for anyone with any combo of degrees, and the stats I threw out there that everyone is ignoring clearly show that MD/PhDs are much more competitive at obtaining grants.
Of course you've all seen a lot of MD researchers - you're all med students. I'll grant you that med schools are big hubs for biomedical research, but that's not all there is. PhDs still make up the vast majority of biomedical research and the rest is split almost 50/50 between MDs and MD/PhDs. If trends continue as they are going, MD/PhDs will surpass MDs in terms of funding by the time I graduate in 7-8 years, though they comprise 3% of graduating physicians.
Usually what field MD/PhDs decide to obtain their PhD in is at least related to what they want to do in the future, but if it's not, it doesn't matter. The point is that they are experienced in working in research for an extended, continuous period of time, must construct clear research aims, defend a thesis, write publications and grant proposals, and observe how their mentors run labs and go about their various responsibilities.
I'm sorry, but you cannot seriously put that on the same level as a MD student doing research during a summer or as an elective. Even if an MD student does a significant amount of research in med school, who's to say that it will be related to what they want to do? My boyfriend (MD student) is required to do research as part of his curriculum at a top 20 research institution, and there are almost no opportunities in bench research. Researchers don't want an MD student for 3 months - it takes that long to train them.
I actually completely missed your post about funding somehow. That is a great point. Though very few MD/PhD's graduate every year, they do very well in funding relative to their MD counterparts.
To OP: I don't think anyone is saying that an MD can't do research. I think most people believe it's just very hard to get your foot in the door, and instead of collaborating with a PhD to begin, you'll likely have to do a fellowship (essentially a post-doc) in their lab, and likely another fellowship in another lab before you can get those grants. Because these 'fellowships' last 1-2 years (like post-docs), the time it takes is usually 3-4 years to get enough background that a grant committee will hear their ideas out and start funding them.
The only thing I want to clarify: Once an MD has gotten an R01 and is running a lab as well as working in the clinic, they are a physician scientist. At that point, there is no difference between that MD and an MD/PhD, and no academic faculty will think of them any differently. However, that MD had to take debt and do the equivalent of a PhD after getting their MD to get to that point. There's just no point to doing the MD-only path to research if you:
1. Know you want to do mostly research before going to medical school.
2. Are competitive for MD/PhD as an applicant.
If you find out later that you're interested in research or don't have the research experience necessary to apply, you can certainly go the MD route. It is harder, takes the same amount of time, and costs a huge amount more in terms of money, however. Be sure to factor that in.