Medicare Outpatient Prescription Drug Act of 2002

Medicare Outpatient Prescription Drug Act of 2002 - Amends title XVIII (Medicare) of the Social Security Act (SSA) to establish: (1) a Medicare Outpatient Prescription Drug Benefit Program under new part D; (2) a Prescription Drug Account in the Federal Supplementary Medical Insurance Trust Fund; and (3) a Medicare Prescription Drug Advisory Committee.

Provides for: (1) part D benefits under Medicare+Choice plans under Medicare part C (Medicare+Choice); and (2) Medicare cost-sharing and other assistance for low-income individuals but only as it relates to benefits provided under new part D.

Revises Medicare supplemental insurance policy (Medigap) benefit packages to conform to changes made by this Act, eliminating obsolete policies with no grandfathering.

Directs the Secretary of Health and Human Services to study and report to Congress on the feasibility and advisability of: (1) establishing a uniform format for pharmacy benefit cards provided to beneficiaries; and (2) developing systems to transfer electronically prescriptions under such program from the prescriber to the pharmacist.

Requires the Comptroller General to conduct an ongoing study and analysis of the program established under this Act, especially: (1) the extent to which the competitive bidding process under it fosters maximum competition and efficiency; and (2) the savings to the Medicare program resulting from it, including the reduction in the number or length of hospital visits.

Expands the membership and duties of the Medicare Payment Advisory Commission (MEDPAC).