To amend title XVIII of the Social Security Act to authorize the Secretary of Health and Human Services to negotiate fair prices for Medicare prescription drugs on behalf of Medicare beneficiaries.

Medicare's Equitable Drugs for Seniors Act of 2004 - Amends title XVIII (Medicare) of the Social Security Act, as amended by the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, to repeal provisions prohibiting the Secretary of Health and Human Services from: (1) interfering with the negotiations between drug manufacturers and pharmacies and prescription drug plan...