Lyric discussion by katherowen 

Cover art for Placebo Effect lyrics by Siouxsie and the Banshees

I've read that Siouxsie somewhat distrusts members of the medical profession and that seems to be shown here. On a personal level though, I interpret this song as a criticism of how heavily medicated people are today, particularly those afflicted by mental illnesses.

"Staying alive at five For you to cure my ailments Another soul is saved With your bogus medications"

This reminds me of the way physicians tend to dole out prescriptions to depressed patients, for example, as though the medication was a magical potion that will make everything all better, despite the fact that so many antidepressants have horrible side-effects.