Short on Competition Act

The Short on Competition Act creates a new process to address prescription drug shortages by allowing temporary imports of certain drugs. It permits the Secretary of Health and Human Services to authorize imports of drugs with the same active ingredient as a shortage drug, provided they are legally marketed in specific foreign countries and manufacturers commit to seeking U.S. approval. The bill also defines a "marginally competitive market" (fewer than five available drugs for two months, the drug approved over 10 years ago, and all patents expired) as triggering the importation process. Additionally, it requires annual reporting on the number of drugs approved for temporary importation.