To require the United States Trade Representative to enter into negotiations to eliminate price controls imposed by certain foreign countries on prescription drugs.

Directs the United States Trade Representative (USTR) to enter into negotiations with the Governments of the other G-8 countries (Canada, France, Germany, Great Britain, Italy, Japan, Russia, and the United States) in order to achieve their agreement to eliminate price controls on innovative medicines and the unfair trade practices that result from the application of price controls.

Declares that, if within 12 months negotiations have not achieved such objectives, the USTR shall recommend to Congress the most effective measures (including those specified by the Trade Act of 1974) for eliminating the disparity between the price of prescription drugs in the United States and the price of prescription drugs in the other G-8 countries, with the goal of reducing the price of prescription drugs for U.S. consumers.

Requires recommended measures to be of a nature and amount that fully reflect the economic harm inflicted on patients and health care in the United States, and the harm inflicted on the U.S. economy when countries pay the country specific marginal costs of prescription drugs and let the United States cover the research and development costs of innovative prescription drugs.