Medicare Drugs for Seniors (MEDS) Act of 2008

Medicare Drugs for Seniors (MEDS) Act of 2008 -Amends title XVIII (Medicare) of the Social Security Act to replace the current part D (Voluntary Prescription Drug Benefit Program) program, adopted by the Medicare Prescription Drug, Improvement and Modernization Act of 2003, with a revised prescription drug benefit program under a new part D (Prescription Medicine Benefit for the Aged and Disabled) for all Medicare beneficiaries.

Provides for reductions in the price of prescription drugs for Medicare beneficiaries.

Amends the Federal Food, Drug, and Cosmetic Act to: (1) revise requirements with respect to the commercial and personal importation of prescription drugs and the disposition of certain drugs denied admission; and (2) prescribe requirements with respect to Internet sales of prescription drugs.

Provides that if any federal agency or any non-profit entity undertakes federally funded health care research and development, and is to convey or provide a patent or other exclusive right to use such research and development for a drug or other health care technology, such agency or entity shall not make such conveyance or provide such patent or other right until the recipient first agrees to a reasonable pricing agreement with the Secretary of Health and Human Services, or the Secretary determines that the public interest is served by a waiver of the reasonable pricing agreement.

Sets forth Medigap transition requirements.