Prescription Drug Price Reduction Act

Prescription Drug Price Reduction Act - Amends the Federal Food, Drug, and Cosmetic Act to repeal the condition on the permission to pharmacists and wholesalers to import prescription drugs from Canada into the United States that the Secretary first demonstrate to Congress the safety of such products and the financial benefit to consumers of permitting their importation. (Thus allows the importation of such drugs to proceed without fulfillment of prerequisites.) Repeals termination of the importation program.

Directs the Secretary to promulgate a final rule for carrying out the provisions on covered products within a year of the enactment of this Act, with the effective date for such final rule to be no later than 30 days after the date of promulgation.

Classifies an imported covered product as misbranded unless it bears labeling that identifies: (1) the country of origin; (2) the name and address of the importer; and (3) the name and address of the person who exported the product to the United States.