To provide Medicare beneficiaries with access to prescription drugs at Federal Supply Schedule prices.

Provides that any individual entitled to benefits under part A (Hospital Insurance), or enrolled under part B (Supplementary Medical Insurance), of title XVIII (Medicare) of the Social Security Act (SSA) shall be eligible to obtain prescription drugs at the prices specified in the Federal Supply Schedule.

Amends SSA title XVIII to repeal provisions prohibiting the Secretary of Health and Human Services from: (1) interfering with the negotiations between drug manufacturers and pharmacies and prescription drug plan sponsors; or (2) requiring a particular formulary to institute a price structure for the reimbursement of covered Medicare part D (Voluntary Prescription Drug Benefit Program) drugs.

Grants the Secretary, instead, authority similar to that of the Secretary of Veterans Affairs, the Secretary of Defense, and the heads of other federal agencies and departments that purchase prescription drugs in bulk to negotiate contracts with manufacturers of covered Medicare part D drugs, consistent with the requirements and in furtherance of the goals of providing quality care and containing costs.States that the purpose of this grant of authority is to ensure that beneficiaries enrolled under prescription drug plans and Medicare Advantage prescription drug (MA-PD) plans pay the lowest possible price.