Medicare Rx Drug Benefit and Discount Act of 2002

Medicare Modernization and Prescription Drug Act of 2002 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Prescription Drug Benefit Program) under which each individual who is entitled to benefits under Medicare part A (Hospital Insurance) or eligible to enroll under Medicare part B (Supplemental Medical Insurance) is entitled to obtain qualified prescription drug coverage.

Outlines standard coverage benefit packages for FY 2005. Includes for the standard package a monthly premium of $25, an annual deductible of $100, a coinsurance of 20 percent and an annual out-of-pocket spending limit of $2,000. Directs the Secretary to negotiate fair prices with pharmaceutical manufacturers.

Provides for accelerated generic drug competition.

Amends SSA title XVIII part C (Medicare+Choice) with respect to: (1) inclusion of the costs of certain military services to Medicare-eligible beneficiaries in the calculation of Medicare+Choice payment rates; (2) specialized Medicare+Choice plans for special needs beneficiaries; and (3) continuous open enrollment and disenrollment at any time.

Revises requirements for Medicare: (1) part A concerning rural health care, inpatient hospital services, skilled nursing facility services, and hospices; (2) part B concerning physicians services and other services; and (3) part A and B concerning home health services and direct graduate medical education.

Amends SSA title XIX (Medicaid) with respect to certain Medicaid disproportionate share hospital (DSH) allotment adjustments and the Q-I1 program.

Amends the Federal Food, Drug, and Cosmetic Act to add requirements for interstate Internet sellers of prescription drugs.

Establishes within the Office of the Director of the National Institutes of Health the Office of Rare Diseases.

Amends the Public Health Services Act with respect to promotion of the pharmacist profession.