This essay provides an overview of the Pharmaceutical Benefits Scheme (PBS) in Australia, a crucial component of the country's healthcare system. The essay explains the PBS's primary function: to ensure affordable access to prescription medications for Australian residents and eligible visitors. It delves into the PBS's operational framework, including its governance under the National Health Act and Regulations, and its integration with other healthcare elements like Medicare and Primary Health Networks (PHN). The essay also explores the PBS's financial aspects, such as the Therapeutic Group Premiums (TGPs) and the pricing mechanisms involving suppliers, the government, and pharmacists. Furthermore, the essay highlights the PBS's significance in meeting the medication needs of Australians while striving for both financial efficiency and optimal health outcomes. The paper references relevant sources like the Department of Health and other academic publications to support its arguments and findings.