Generic Prescription Drug Fairness Act of 2005

Generic Prescription Drug Fairness Act of 2005 - Amends title XIX (Medicaid) of the Social Security Act to revise requirements for drug manufacturer reports to the Secretary of Health and Human Services on the average manufacturer price for each covered outpatient drug and the manufacturer's best price for single source and innovator multiple source drugs. Requires manufacturers to report also on the manufacturer's best price for each authorized generic drug and any other drugs sold under a new drug application approved under the Federal Food, Drug, and Cosmetic Act.

Applies the basic rebate for single source and innovator multiple source drugs to authorized generic drugs and any other drugs sold under an approved new drug application.