Medicare Safety Net Prescription Drug Coverage Act of 2003

Medicare Safety Net Prescription Drug Coverage Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act to add a new part D (Safety Net Medicare Outpatient Prescription Drug Program for Indigent, Uncovered Beneficiaries). Directs the Secretary of Health and Human Services to establish a Medicare Safety Net Outpatient Prescription Drug Program under which an eligible beneficiary who voluntarily enrolls in such program is provided: (1) access to negotiated prices for costs before catastrophic threshold; (2) catastrophic coverage under the program; and (3) a prescription drug account and a public contribution into such account. Creates within the Federal Supplementary Medical Insurance Trust Fund the Safety Net Prescription Drug Account for making payments to operate this new program. Excludes from calculation of the best price for covered outpatient drugs any prices charged which are negotiated by the Secretary under this program.

Amends SSA title XIX (Medicaid) to provide for verification of eligibility for benefits under the new part D program.

Amends the Federal Food, Drug, and Cosmetic Act with respect to the importation of prescription drugs to direct the Secretary to promulgate regulations permitting individuals who are not pharmacists or wholesalers to import prescription drugs into the United States without regard to recordkeeping and other requirements currently applicable to pharmacists and wholesalers.