Medicare Drug Savings Act of 2017 This bill requires drug manufacturers to issue rebates to the Centers for Medicare & Medicaid Services (CMS) for prescription drugs dispensed to eligible low-income individuals under the Medicare prescription drug benefit or a Medicare Advantage (MA) prescription drug plan (PDP). Subject to civil monetary penalties, a Medicare or MA PDP sponsor must report, both to drug manufacturers and to the CMS, specified information related to the determination and payment of such rebates.