The general idea of doing research that is heavily basic-science oriented as an MD/PhD has been something I have really been struggling with (nearly ripping my hair out about) for the last half a year.
Like you (I'm assuming), I love chemistry and looking at processes at the molecular level. I want to do research related to drug design and development.
The problem is that this work really does not interface with patients unless you manage to bring a drug to clinical trials. Your patients are not going to (significantly) contribute to your lab work, and visa versa. Everyone will tell you that having research interests that are along these lines is not ideal for an MD/PhD and they're probably right.
I managed to convince myself that because I was interested in drug development, I would do a PhD in pharmacology for the sake of working with patients. 4 months later.... I'm realizing that was dumb. First and foremost, do research that you know you will love. (I know you didn't saying anything about Pharm, but don't fall into the trap that I did- drug discovery and pharm are very different fields)
The truth is, if you want a strong med chem background, any MSTP is likely not going to be your best option. Unless you foresee yourself getting into a few of the top 10 mstps then odds are you will get a better education elsewhere going straight PhD. You'd be much better served going to a place like Scripps (and odds are if you're very competitive for MD-PhDs, you'll be a shoe in there).
If you go the route of the MD-PhD with research that isn't exceptionally translational, one of my mentor suggested you will have the following benefits: 1. It will be easier for your to stay focussed on research that is medically relevant and important 2. You learn the special MD-handshake.
As will likely be the case with you, I know that I will be interfacing with people who do clinical trials, etc. so I think the MD will be helpful there. However, if you want to see patients, you're losing time that you could be doing research and writing grants and you're going to be spreading yourself thin.
The way I see it, here are some of the pro's and cons of
going into research that is basic science oriented. Many people may disagree with me, and be wary of my advice as I'm still a senior in undergrad.
PhD Only
Pros: Better research education, you will have your pick of school (likely)
A career focussed only on research
PhDs will not call your PhD a "baby PhD"
You will probably save 2-3 years compared to doing an MD/PhD. You may save even more years depending on what residencies and/or post-docs you may do.
Cons:
You will not be able to see patients.
You will not have the same extensive medical education as an MD
MD's will not take you seriously and you will think they are stupid
A career that is potentially more cut-throat (MD-PhDs always have clinical work as a backup plan)
MD/PhD
Pros:
You will have an awesome science and clinical education
You can work with patients
You have more career opportunities and more financial security- if your research career bombs, you can always go to private practice.
(If you believe the experts) you will direct your research in more efficient ways.
You will be able to communicate well with MDs as well as PhDs
You will be awesome at writing grants- ask anyone in the basic sciences, if they want a grant funded, they pretty much have to provide some health-related reason that their research is important
Cons:
You're setting back your career 2-3 years PLUS a residency (if you want to see patients)- okay this isn't completley true, as a PhD you would do a Post doc which would likely be shorter though.
You're PhD is likely not as thorough as a PhD-only (plan on a post-doc or research oriented residency at the least)
Although probably making more than a PhD, that will be at the expense of spending time in the clinic and away from the lab.