Well, I'm not a MSTP student, which is the acronym for Medical Scientist Training Program which is a federally funded school program to promote MD/PhD combined education. Either these programs, or MD/PhD programs from a different (non funded) school are essentially the same. As far a requirements go, they vary from school to school, but most all of them are the same as regular MD schools, but MSTP or MD/PhD programs place more emphasis on research as opposed to clinical volunteering experience. Also, the letters of reference should reflect an ability to think in terms of a scientist (scientific methods) vs. a clinician (deduction). Scholastically, the combined degree students are usually as good if not better than regular MD students, if only because the schools do not admit as many of these students an so they can be more selective. Along those lines, the MSTP and some of the MD/PhD programs provide paid tuition and a stipend for students, making these programs even more competetive.
If you want to work in the pharmaceutical or biotech industries, you don't need to have an MD/PhD or even a PhD. To work as a medicinal chemist, you would need a BS/MS/PhD in organic chemistry. Most biologists in the industry have a BS/MS/PhD in biochemistry or cell biology.