Medicare's Equitable Drugs for Seniors Act of 2005 - Amends title XVIII (Medicare) of the Social Security Act to repeal provisions prohibiting the Secretary of Health and Human Services from: (1) interfering with the negotiations between drug manufacturers and pharmacies and prescription drug plan sponsors; and (2) requiring a particular formulary to institute a price structure for the reimbursement of covered Medicare part D (Voluntary Prescription Drug Benefit Program) drugs.
Grants the Secretary instead, in order to ensure that beneficiaries enrolled under prescription drug plans and Medicare Advantage prescription drug plans pay the lowest possible price, authority similar to that of the Secretary of Veterans Affairs, Secretary of Defense, and the heads of other Federal agencies and departments that purchase prescription drugs in bulk to negotiate contracts with manufacturers of covered Medicare part D drugs, consistent with the requirements and in furtherance of the goals of providing quality care and containing costs under such part.