Medication Errors Reduction Act of 2001

Medication Errors Reduction Act of 2001 - Directs the Secretary of Health and Human Services to establish a program to make grants to eligible entities for the purpose of assisting such entities in offsetting the costs related to purchasing, leasing, developing, and implementing standardized clinical health care informatics systems designed to improve patient safety and reduce adverse events and health care complications resulting from medication errors.

Gives special consideration to eligible entities serving a large number of Medicare, Medicaid, and State Children's Health Insurance Program (SCHIP) eligible individuals. Reserves a certain percentage of grant funds for rural hospitals.

Terminates the Secretary's authority to make such grants on September 30, 2011.

Directs the Secretary to appoint a Medical Information Technology Advisory Board to study and report to Congress on best current practices in medical information technology and certain standardization and security requirements.