Prescription Drug Cost Containment Act of 1991

Prescription Drug Cost Containment Act of 1991 - Amends the Internal Revenue Code to require, in the case of any manufacturer of single source drugs or innovator multiple source drugs, a reduction in the Puerto Rico and possession tax credit according to a specified formula involving the amount of the manufacturer's wages paid to eligible employees in Puerto Rico, the sales of the drug, and price increases.

Directs the Secretary of Health and Human Services to establish at least 15 five-year demonstration projects to determine the impact on: (1) cost, quality of care, and access to prescription drugs of developing, in the area of each project, a Medicare (title XVIII of the Social Security Act) outpatient prescription drug benefit using various forms of benefit design and reimbursement policies; and (2) cost and quality of care of extending coverage of outpatient prescription drugs to Medicare beneficiaries served by community health centers.

Sets forth additional purposes for at least some of the projects. Requires a project to provide for coverage of all drugs and biologicals approved by the Federal Food and Drug Administration and all medically accepted indications of the drugs. Requires establishment of a Drug Use Review Board (DUR Board) in each project area, or use of the State Medicaid (title XIX of the Social Security Act) DUR Board, to recommend the design and development of the benefit within the area and establish a program of prospective and retrospective drug use review.

Amends the Social Security Act to establish in the Treasury the Medicare Outpatient Prescription Drug Trust Fund. Appropriates to the Fund amounts raised by the credit reduction under this Act. Makes amounts in the Fund available for: (1) carrying out the projects; (2) the expenses of the Prescription Drug Policy Review Commission established by this Act; and (3) improving the accessibility of prescription drugs to the elderly.

Establishes the Prescription Drug Policy Review Commission.

Mandates a report to specified congressional committees on Federal subsidies and incentives to the pharmaceutical industry.

Amends title XIX (Medicaid) of the Social Security Act to modify reporting requirements regarding average prices for covered outpatient drugs in specified countries.