Patented Medicine Prices Review Board Act of 1992

Patented Medicine Prices Review Board Act of 1992 - Establishes in the Food and Drug Administration the Patented Medicine Prices Review Board. Directs the Board to require each patentee of a prescription drug to provide information annually on: (1) the type of prescription drug sold by the patentee; (2) the price at which the drug is being sold in the United States; and (3) the costs of producing and marketing the drug in the United States. Requires the Board to decrease the length of a patent term for a prescription drug if the patentee of such drug charges an excessive price for its use. Allows the Board to increase the patent term for a prescription if the patentee has not charged an excessive price for such drug during a five-year period and provides assurances that it will not charge an excessive price during the extension of the term. Requires the Board to report annually to each Federal agency that dispenses or makes payments for the dispensing of prescription drugs on: (1) a list of prescription drugs sold at excessive prices; (2) recommendations against dispensing or making payments for such drugs; and (3) recommendations to substitute the drug with a similar prescription drug which is not sold at an excessive price. Requires the Board to report annually to the Congress describing its activities.