Prescription Drug Price Reduction Act

Prescription Drug Price Reduction Act - Amends the Federal Food, Drug, and Cosmetic Act to allow pharmacists and wholesalers to import covered products by removing provisions requiring the Secretary of Health and Human Services to demonstrate to Congress the safety of such products and the financial benefit to consumers of permitting their importation.

Directs the Secretary to promulgate a final rule for carrying out the provisions on covered products within a year of the enactment of this Act, with the effective date for such final rule to be no later than 30 days after the date of promulgation.

Classifies an imported covered product as misbranded unless it bears labeling that identifies: (1) the country of origin; (2) the name and address of the importer; and (3) the name and address of the person who exported the product to the United States.