Psychiatry emerged from medicine as a branch whereas psychology from then new 'humanistic-social sciences'. Historically, psychology wasn't orientated to be a curative practice, but more of a scientific discipline to explain the workings of the brain. Today, even when considering DSM, psychiatry deals with clinical symptoms, patients and treatments. This is particularly evident today in terms of psychologists not having the knowledge nor licence to prescribe medications, but both psychologists and psychiatrists can practice psychotherapy effectively.
Psychology is a behavioural science. Psychiatry stems from Medicine. The major part of Psychiatry deals with treatment and intervention of mental illnesses. Psychology though has psychological therapies involved, it also deals with other facets of human and animal nature. Another major difference is in many countries only a Psychiatrist can prescribe medicine. Psychology has many branches such as Clinical, Counselling, Health, Industrial, Cognitive, Social etc.
The basic difference between a Psychologist and a Psychiatrist is in the nature of their training. Psychologists are university trained in Psychology programs that focus on the connections between the brain and behavior, research techniques, and methods of treating behavior problems. A Psychiatrist, on the other hand, is a Medical Doctor or M.D. who has specialized in both the study of the physical brain and psychology and how these interact to create the human personality. The nature of their training permits psychiatrists to prescribe medication as a means of helping a client to deal with their problems.
Adding on to the responses,From the healthcare point of view, Psychiatry has an additional diagnostic component, while Psychology has preventive curative and rehabilitative components.
Ofcourse, the prescription of drugs is the scope of Psychiatry practice.
Psychology: the scientific study of the human mind and its functions, especially those affecting behaviour in a given context ( Synonyms: study of the mind, science of the mind, science of the personality, study of the mental processes)
Psychiatry: the study and treatment of mental illness, emotional disturbance, and abnormal behaviour.