Public Health Price Protection Act

Public Health Price Protection Act - Provides that whenever it appears to the Secretary of Health, Education, and Welfare, in the case of any drug that: (1) its continued availability by reason of its general use by the medical profession may be in the public interest; (2) the usuage and price levels of such drugs are such that the volume of commerce therein may not be insubstantial; and (3) either there are fewer than four producers of such drug in the United States or the average price of such drug to the consumer is five times the direct cost to the producer; he shall immediately so certify to the Federal Trade Commission.

Provides that if the Federal Trade Commission finds that the existence of a patent relating to the manufacture, use, or sale of such drug has constituted a substantial contributing factor to the high price of such drug, it shall institute a public rulemaking proceeding to determine whether such patent should be subject to mandatory licensing.

Specifies the formulation of rules by the Commission to determine a proper price and licensing procedure. Provides civil penalties for violation of mandatory licensing rules. Provides for judicial review of such rules.