Short on Competition Act

This bill, the Short on Competition Act, creates a temporary importation program for prescription drugs during shortages and addresses limited market competition. It allows the Secretary of Health and Human Services to authorize imports of drugs with the same active ingredient as a US shortage drug (from countries where it's approved) for up to 3 years, provided manufacturers commit to seeking US approval. It also defines "marginally competitive markets" (fewer than 5 competing drugs for a 10+ year old drug with expired patents), requiring the Secretary to treat such markets as shortages and expedite reviews or authorize imports. The bill mandates annual reporting on drugs authorized for temporary importation. It directly affects patients facing drug shortages, drug manufacturers, and importers seeking to address supply gaps.