<p>About 80% of NIH-funded PIs are either PhDs or MD/PhDs ([data](<a href=“http://nexus.od.nih.gov/all/2011/06/23/who-are-we/]data[/url]”>Who Are We? – NIH Extramural Nexus)</a>), so while most researchers have a PhD, there’s a substantial minority with just an MD. Overall, there’s not a significant difference between NIH funding rates of researchers with different types of degrees, once you control for the types of institutions from which they’re applying ([data](<a href=“http://nexus.od.nih.gov/all/2012/05/25/a-look-at-funding-rates-of-phds-at-different-institution-types/]data[/url]”>A Look at Funding Rates of PhDs at Different Institution Types – NIH Extramural Nexus)</a>). </p>
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I think the average time-to-PhD in the biological sciences is something like six years. Definitely not eight-plus. And a six-year PhD costs -$180,000 – that is, you get paid $30k a year to do it.</p>