H.R.3140: To amend title XIX of the Social Security Act to ensure and foster continued beneficiary access to generic drugs under the Medicaid Program by setting pharmacy reimbursement based on retail acquisition cost and to promote the use of generic drugs.

Saving Our Community Pharmacies Act of 2007 - Amends title XIX (Medicaid) of the Social Security Act to provide for: (1) use of median retail acquisition cost as the basis for Medicaid reimbursement limits on generic drugs; and (2) establishment of an evidence-based prescription drug program.

Directs the Comptroller General to study and report to Congress on the costs of community retail pharmacies to dispense prescription drugs.