I say go for it. I went for it and got accepted, although the process did not seem to favor Ph.D. too much. I got my Ph.D. last October, and have applied to 21 schools, got 14 secondaries, and then 4 interviews, 2 acceptances, 1 waitlist, and 1 post-interview rejection. The reason is because, I wanted to be a clinical research investigator (namely a physician who does translational research), and that didn't sound well to those primary care-emphasizing schools. My reason for doing a M.D. is following:
4 years of post-doc is a pure waste of your youth and time, and in the end, you might have to do a 8-10 year post-doc to land a faculty job somewhere decent. Pharm jobs sounded enticing, but how would you feel if you were laid off with 6-month notice after 15 years of devotion in that company (laid-off does not come to M.S. workers, only high-pay Ph.D. in companies gets cut first. I have seen at least 5 such examples among the parents of my friends.) You don't want to go through that... trust me... If you want a Pharm job, just get a Masters, never a Ph.D. Now, instead of wasting 8 years as a post-doc trying to land a assistant professor job, I rather invest the time in a M.D. and a brief residence, and after that 8 years, a M.D. Ph.D. is guaranteed a faculty job somewhere in an academic medical hospital. I am 26 right now, and I specialize in cancer research, and I think doing a M.D. will only enhance my experience, at not at all at the expense of my time. Of course, some say, with a Pharm job and wise investment schemes, you may land millions in a few years, but with the way the stock market is going and the job market is declining, doing a M.D. is a sure bet. That is my 2 cent.
