Expressing the sense of the House of Representatives that Medicare beneficiaries should have access to outpatient prescription drug coverage.

Expresses the sense of the House of Representatives that Congress should enact legislation that: (1) ensures that prescription drug coverage replaces the need for seniors to rely exclusively on out-of-pocket expenditures for their medicines; (2) ensures that the Medicare program is not further fiscally compromised and its financial solvency is preserved and protected; (3) ensures that existing sources of drug coverage for Medicare beneficiaries, such as employer-sponsored retiree prescription drug benefits, are not displaced into a government-run program; (4) provides a mechanism to assist low income Medicare beneficiaries to afford coverage; (5) avoids any form of extensive government regulation, including government rationing of life-saving medicines and direct or indirect price controls; and (6) encourages the continued high rate of research and development by the private sector in the United States, and does nothing that creates disincentives for the discovery of new drugs.