India

BHMS has a better scope.
After completing BHMS, you can do the following:
MD is Masters Degree level.
Ph.D is Doctoral Degree level.
The best option is to pursue both
However, you should watch ICMR website for announcement of Junior Research Fellowship(JRF) - Rs. 16000/- per month, & Senior Research Fellowship(SRF) - Rs. 24,000/- per month approx, for your PG and Ph.D. studies respectively. Also you must not forget to tick yes in the box for "Lectureship also".
You need this lectureship to apply for Assistant Professors & Associate Professors in government medical colleges.
Your pay packet at end of the first month itself will be about Rs. 48000/- to 50000/-.
This will be the minimum requirement for applying to ICMR Scientist Position also with similar pay scales.

Yes, distance has no value compared to regular course in the same. 99% of the recruiters recruit candidates from regular courses with good academic profile. So concerning this, I can say that distance education has no value. But the scenario keeps on changing from time to time. So if you opt to do distance education, it may helpful to you to earn some money or add some value to your career but it will not work for you in near future say after 3 or 4 years. So I suggest you not to go for distance education. You may do the same course after 1 year, but make sure you do it through regular mode instead of distance.
As you have already got some work experience, you might have some practical knowledge over your core subjects. So you may give some gap to your work and concentrate on your studies. Remember years later, you will not be able to continue your studies because of your age and automatically your concentration will gets reduced. So I recommend you to go for the studies and soon after completion of the course you will get a fruitful job. In the job you may find after completing your regular course, you may even demand more salary.
Even if you choose distance education, there is another way to overcome this. You can try to get certified from renowned institutes by doing certificate courses related to your studies.