In the pharmaceutical industry, you'll find a wide variety of jobs titled "Director, Medical Affairs" and some of those people have a PharmD or PhD. Jobs for physicians may revolve around clinical research, trials, payer reimbursement, health economics and outcomes research, marketing, or drug safety monitoring. You may be involved providing clinical leadership with scientific and clinical advice. Or, you may design, develop, manage, analyze, interpret, write, present, and publish clinical and non-clinical studies. You may support payer reimbursement by providing clinical information and insight.
Take a look at all the various types of medical director jobs listed here.