This assignment involves a comprehensive review of the Pharmaceutical Benefits Scheme (PBS), a program that provides subsidized access to essential medicines for Australian citizens. The PBS has been in operation since 1953 and has undergone several changes over the years. The assignment requires an analysis of the PBS's structure, benefits, and challenges, as well as a review of relevant literature on the topic. This includes examining the role of generic medicines, managed entry agreements, and disinvestment strategies for pharmaceuticals. The assignment also touches on demographic challenges facing Australia and their impact on healthcare policy.