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It also depends on what kind of research you want to do. When you say biomedical, there's really two kinds:
1) Clinical research, which is all about statistical correlations between sicknesses, lifestyle things, medicines, etc. Stuff like taking statistics on how much of a new drug will cause side effects, or correlating obesity and diabetes. Note I said correlating, and in my probably biased opinion (but someone back me up if they agree), you're just doing correlations, and as we all (should) know, correlation doesn't mean correlation
2) Basic science or engineering research, where you actually go look at the molecular mechanisms that cause disease, or if you are into biomedical engineering type stuff, then inventing new drug delivery systems, or biomedical machinery, diagnostics, etc.
That said, the PhD really would only help if you're interested in basic science or engineering research. You can do clinical research as an MD. There are of course MD's who do basic science research, but I'd say that's the exception, not the rule.
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