Prescription Drug and Medicare Improvement Act of 2003

Prescription Drug and Medicare Improvement Act of 2003 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to add a new part D (Voluntary Prescription Drug Benefit Delivery Program) (VPDBDP) under which each individual who is entitled to benefits under Medicare part A (Hospital Insurance) or enrolled under Medicare part B (Supplemental Medical Insurance) is entitled to obtain qualified prescription drug coverage. Authorizes the individual to elect to enroll: (1) in a MedicareAdvantage (MA) plan (replacing the current Medicare+Choice plans under Medicare part C (Medicare+Choice)); or (2) if a fee-for-service enrollee not in an MA plan, in a Medicare Prescription Drug (MPD) plan. Makes separate provision for: (1) enrollees in a MedicareAdvantage medical savings account (MSA) plan; and (2) enrollees in MedicareAdvantage private fee-for-service plans.

Makes the Administrator of the Center for Medicare Choices (CMC), established under this Act, responsible for administration of the VPDBDP.

Outlines standard coverage benefit packages for FY 2006. Includes for the standard package an annual deductible of $275, and requires insurers to cover 50 percent of enrollees drug costs up to the initial coverage limit of $4,500. Requires enrollees to cover all costs over $4,500 until out-of-pocket expenses reach $3,700 (catastrophic threshhold), after which an enrollee would be responsible only for a ten-percent co-pay. Prescribes a formula for adjustment of such deductible and annual limits for inflation.

Establishes a bidding process for negotiating the terms and conditions of MPD plan sponsors.

Provides for full premium subsidy and reduction of cost-sharing for individuals with incomes below 135 percent of the Federal poverty level.

Establishes a Prescription Drug Account in the Federal Supplementary Medical Insurance Trust Fund.

Sets out a new Medicare prescription drug discount card and assistance program under the Medicare program.

Directs the Secretary to develop or adopt standards for electronic prescribing transactions.

Directs the Secretary to establish within the Department of Health and Human Services the CMC, which shall be separate from the Center for Medicare and Medicaid Services, including an Office of Beneficiary Assistance (containing a Medicare Ombudsman) and a Medicare Competitive Policy Advisory Board.

Revises Medicare requirements with regard to: (1) part A concerning rural health care, inpatient hospital services, skilled nursing facility services, hospices, and the Federal rate for hospitals in Puerto Rico; (2) part B concerning physicians services and other specified services, as well as demonstration projects for coverage of chiropractic services, Medicare health care quality, Medicare complex clinical case management payment, and Medicare fee-for-service care coordination; and (3) part A and B concerning home health services, as well as a demonstration program for substitute adult day care services.

Revises requirements with respect to regulatory procedures, the Medicare appeals process, contracting with Medicare administrative contractors, provider education, a Medicare Provider Ombudsman, beneficiary outreach demonstration programs, prepayment review, recovery of overpayments, enforcement, and establishment of a Consumer Ombudsman Account in the Federal Hospital Insurance Trust Fund.

Greater Access to Affordable Pharmaceuticals Act - Amends the Federal Food, Drug, and Cosmetic Act (FFDCA) with regard to: (1) the 30-month of Food and Drug Administration approval for any new drug in certain circumstances; and (2) forfeiture of the 180-day marketing exclusivity period by the first new drug applicant to a subsequent applicant.

Amends the FFDCA to direct the Secretary of Health and Human Services to promulgate regulations permitting pharmacists, wholesalers, and individuals to import prescription drugs from Canada into the United States, subject to specified conditions.