PRESCRIPTION DRUG DISCOUNT ACT

Creates the Senior Citizen Prescription Drug Discount Program Act. Provides that the Program shall be administered by the Department of Central Management Services to enable eligible senior citizens to purchase prescription drugs at discounted prices and that the Department shall (i) enroll eligible seniors into the Program, (ii) enter into rebate agreements with drug manufacturers, either itself or through an agent, and (iii) reimburse pharmacies for the cost of providing discounts using the proceeds from the manufacturer rebate agreements. Eligible seniors are persons who are Illinois residents and who are 65 years of age or older. Establishes a prescription pricing formula. Sets guidelines for the rebate agreements. Establishes application requirements for seniors and eligibility requirements for pharmacies. Requires the Department to adopt rules. Amends the State Finance Act to create the Senior Citizen Prescription Drug Discount Program Fund into which rebate payments and enrollment fees shall be deposited. Provides for an initial transfer from the General Revenue Fund into the Drug Discount Program Fund of $27,000,000 to be repaid to the General Revenue Fund out of rebate payments. Effective July 1, 2003.