News alert: Psychiatrists don't do therapy; they dish pills. This has been true for quite some time.
Most of the research shows that a combination of talk therapy and pill therapy is the most effective. As it happens, psychologists and social workers are often more widely trained in therapeutic technique anyway. You go to a psychologist or social worker for talk therapy, and to determine if medication is indicated in your case. If it is determined that this might be a helpful approach, you go to a psychiatrist.
It's not necessarily the world's worst system, but you do wonder why anyone would want to become a psychiatrist. Who would want to spend each and every day managing 1000 med checks?
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