State and Local Access to Fair Prescription Drug Prices Act

State and Local Access to Fair Prescription Drug Prices Act - Requires a participating manufacturer of a covered outpatient drug to make available for purchase by each State for the benefit of its residents whose cost of covered outpatient drugs is paid for by the State through a group health program, a retiree health program, a State or local pharmaceutical assistance program, or other similar program (including a State Medicaid program), such covered outpatient drug in an amount equal to the aggregate amount of a covered drug sold in a State at a price that is no greater than the manufacturer's average foreign price. (Makes such provision applicable to local governments under similar outpatient drug purchase arrangements.)

Applies such requirement to direct purchases by State or local organizations or agents.

Sets forth enforcement provisions, including manufacturer debarment for repeat violations.

Permits a State, with respect to its provision of Medicaid assistance for covered outpatient drugs, to: (1) continue its Medicaid rebate agreement; or (2) disregard the manufacturer's average foreign price in determining the best price under a rebate agreement.

Defines specified terms.