The institution of medicine, defined as "understanding the human body well enough to, from basic principles, directly and intentionally repair diagnosed faults", only barely exists, and it is called surgery.
The historic division between medicine (as descended from folk remedies and alchemy) and surgery (as descended from the unsubtle craft of closing wounds and amputating limbs) is illustrative here. Medicine, by definition, is holistic. It descends from folk remedies, alchemy, and enchanted unguents. It has only recently and intermittently shown the slightest interest in drug mechanisms, and even that only to the extent that the analysis of drug mechanisms facilitates the development of new and profitable drugs. Medicine has never been about anything /but/ "adding small molecules to the oil", though it has been far more prestigious then surgery for about a century, since the late 19th century discoveries of narcotics, antibiotics, and vaccines. [Prior to this surgeons were considered far more reliable within their area of expertise, although neither had the degree of professionalization and societal status that they enjoy today.] You make the argument, and I'm inclined to agree, that medicine may very well be playing itself out - that the model that grabbed all the low hanging fruit there is more or less obsolete.
The future of medicine isn't medicine at all. It's nano-surgery. Though I suspect there will be a big turf war between medical professionals and surgical professionals as the medical professionals seek to redefine themselves as the ones implementing the procedures that actually work.
Meh, another buzzword. I actually don't think we'll see nanosurgery for a very long time, and we should be able to solve the problem of "death" many generations of tech before we can do nano-surgery.
Think about what you actually need to do this. You need a small robot, composed of non-biological parts at the nanoscale. Presumably, this would be diamondoid components such as motors, gears, bearings, etc as well as internal power storage, propulsion, sensors, and so on. The reason for non-biological parts is that biological parts are too floppy...
From Gene Expression by Razib Khan who some of you may also know from the old gnxp site or perhaps from his BHTV debate with Eliezer.
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