America Rx Act of 2011 - Requires the Secretary of Health and Human Services (HHS) to establish the America Rx program to provide qualified residents with access to discounted prices for outpatient prescription drugs through rebate agreements that the Secretary negotiates with prescription drug manufacturers. Makes eligible only those residents that are not covered under any public or private program that provides substantial benefits towards the purchase of outpatient prescription drugs.
Requires rebates to be payable to the Secretary at least quarterly and to be paid, directly or through states, to participating pharmacies that provide discounts to qualified residents.
Denies manufacturers who do not participate in the rebate program a tax deduction for advertising and marketing expenses of drugs.
Authorizes the Secretary to suspend or terminate the America Rx program if the Secretary determines that American Health Benefit Exchanges (health insurance exchanges) are operational, and the America Rx program is no longer needed to ensure that qualified residents have access to outpatient prescription drugs at affordable prices.