State Prescription Drug Flexibility Act of 2001

Access to Affordable Prescription Drugs Act of 2001 - Amends title XI of the Social Security Act (SSA) with respect to any State-conducted demonstration project approved by the Secretary of Health and Human Services before January 1, 2001, that waives compliance with, or makes inapplicable, certain State plan requirements for establishing an outpatient prescription drug program for residents of the State not otherwise eligible for medical assistance under Medicaid (SSA title XIX). Provides that any expenditures by the State for covered outpatient drugs under the demonstration project will be treated as payments under the State Medicaid plan for covered outpatient drugs for purposes of a rebate agreement, regardless of whether such expenditures are offset or reimbursed, in whole or in part, by rebates received under such an agreement. States that such expenditures are consistent with the objectives of the Medicaid program and are to be considered amounts expended for medical assistance in the form of prescribed drugs under the State Medicaid plan. Makes certain Medicaid requirements inapplicable to any enrollment fees, premiums, deductions, copayments, cost sharing, or similar charges imposed upon individuals participating in the demonstration project.