A bill to amend titles II and XVIII of the Social Security Act to include qualified drugs, requiring a physician's prescription or certification and approved by a formulary committee, among the items and services covered under the hospital insurance program.

[AI summary unavailable — showing source text] Includes, under title II (Old-Age, Survivors' and Disability Insurance) and title XVIII (Medicare) of the Social Security Act, qualified drugs prescribed or certified by a physician and approved by a Formulary Committee within an individual's medical insurance coverage. Provides that the amount payable for qualified drugs furnished an individual pursuant to any one prescription or certification and purchased by such individual at any one time shall be reduced by an amount equal to the applicable prescription copayment. Provides that the Secretary of Health, Education, and Welfare shall each year, beginning in 1975, determine and promulgate the drug copayment which shall be applicable for the purposes of this Act during the succeeding calendar year. Provides that payment may be made under this Act for qualified drugs only when such drugs are dispensed by a licensed pharmacy which is a provider of services for purposes of the Act. Establishes in the Department of Health, Education, and Welfare a Formulary Committee. Provides that the Committee shall compile, publish, make available, and periodically revise a Formulary of the United States. Provides that the Formulary shall alphabetac…