Community Pharmacy Preservation Act of 2004 - Provides that antitrust laws shall apply to negotiations between groups of independent pharmacies and health plans and health insurance issuers in the same manner as such laws apply to collective bargaining by labor organizations under the National Labor Relations Act.
Prohibits any pharmaceutical drug manufacturer from having a controlling interest in an entity that is a pharmacy benefit manager. Requires pharmacy benefit managers to disclose all compensation from drug manufacturers. Prohibits pharmacy benefit managers from making certain drug interchanges: (1) to a drug with a greater cost; (2) without disclosure to the individual; or (3) from a drug with generic equivalents to a drug without generic equivalents, unless the latter is lower in cost than each of the generic equivalents of the drug from which the prescription would be changed.
Directs the Secretary of Health and Human Services to apply specified standards for community pharmacy access under the Medicare outpatient prescription drug program.