I completely understand your thoughts on Biomed being "too risky" - for me, wanting to eventually do med, it was a toss up between putting Monash first preference, going to USyd (both med degrees) or doing biomed first. I think your decision depends a lot on your individual situation and consideration of a few factors:
1. Do you have a desire to go to any particular uni? Is it a good reason? How strong is the reason? Eg. Your parents went there, or you live very close to it, or you feel it is better/worse for a particular course/focus, or you want to be near the city, etc. Would you consider interstate (considering costs and emotional pressures) for certain courses?
2. How much you want to do the subject - if you are uncertain (leaning towards not really interested), but definitely health sciences, probably a good idea to consider biomed. Remember that biomed can lead to lots of graduate courses, such as optom, medicine, dentistry, physio, genetic counselling, law, engineering, teaching, honours year etc. These are offered at Uni of Melb, but also some of them at other unis, including interstate.
3. How strongly you back yourself academically - in general, when people have asked me what I think they should do with regards to the security thing, I've said, "go, go, go for the security...unless you have a notional 'guaranteed' place, it's so much less pressure if you are going into something you know you want to do" (so clearly dependent on factor 2). This is for something like medicine, however - if you are aiming more generally, the security thing may not be as big a factor any more, seeing as there are so many graduate opportunities (not to mention that the Bachelor of Biomed itself could be used).
I would be very careful "settling" for pharmacy if there are many other things that interest you more.
Hope this is of some help.