Prescription Drug Comparative Effectiveness Act of 2003

Prescription Drug Comparative Effectiveness Act of 2003 - Directs the Director of the National Institutes of Health, in coordination with the Director of the Agency for Healthcare Research and Quality, to conduct research to develop valid scientific evidence regarding the comparative effectiveness, cost-effectiveness, and (where appropriate) comparative safety relative to other drugs and treatments for the same disease or condition, of prescription drugs that account for high levels of expenditures or use by individuals in Federally funded health programs, including Medicare and Medicaid.

Directs the Director of the Agency for Healthcare Research and Quality to: (1) analyze such evidence; and (2) develop standards for the design and conduct of cost-effectiveness studies under this Act.

Establishes reporting requirements.