Outlines standard coverage benefit packages. Includes for the standard package a monthly premium of $25, an annual deductible of $100, a coinsurance of 20 percent and an annual out-of-pocket spending limit of $2,000. Directs the Secretary to negotiate fair prices with pharmaceutical manufacturers.
Amends part C (Medicare+Choice) of SSA title XVIII to provide for the availability of prescription medicine benefits under the Medicare+Choice program.
Provides for accelerated generic drug competition under the Federal Food, Drug, and Cosmetic Act.