Actually, they have a bit more in the lines of pain management with their osteopathic maneuvers. There are limits to it. I'm not sure what they are missing in the academic background, however.
There are two license tracks, both legal in the eyes of the law and in practice; the DO license and the MD license. There are exams for both licenses (COMLEX for DOs, USMLE for MDs,) DOs are eligible to take the board exams to hold an allopathic (MD) license. In some states in necessary for them to work, as it is up to the states to recognize DOs' license as valid. Met good and clueless MDs and DOs.
The big DO/MD issue was that MDs at the time DOs came about (late 1800's,) were still using arsenic, and other known poisons as part of their medications. Hence their holistic approach.
Nowadays, as medical studies undergo review and re-examiniation for best evidence for treatment, the two paths cross over quite a bit. (the reason the Cochrane Review exists.)
That said, it depends on the physician for the holistic vs. allopathic method. Had a boarded anesthesiologist/pain specialist that actually used acupuncture for pain.
Psychiatrists know that the best treatment for a lot (NOT ALL) of the problems is behavioral therapy and psychotherapy; just talking it out and helping the patient work through it. However, insurance companies don't like the idea of paying for the months of sessions it would take. The meds should be a last resort, but the insurance companies want otherwise.