Equal Opportunity for Medical Licensure and Reciprocity Act of 1987 - Prohibits discrimination against any person who graduated from a medical school outside the United States and who is a licensed physician in the United States: (1) in equal access to practice medicine within any U.S. jurisdiction; (2) by law, regulation, policy, or requirements; and (3) by conditions or requirements which differ from the conditions or requirements as applied to graduates of U.S. medical schools. Applies the prohibition to any medical specialty as well as to the general practice of medicine.

Prohibits the Secretary of Health and Human Services from making a grant, loan guarantee, or interest subsidy to, or for the benefit of, any school of medicine, unless the application contains assurances that the school will not discriminate against a graduate of a non-U.S. medical school.

Requires any State, in order to be eligible to receive payments under title XIX (Medicaid) of the Social Security Act, to adopt medical licensure and medical reciprocity standards which provide equal opportunity to any graduate of a non-U.S. medical school, as compared to any graduate of a U.S. medical school, provided the non-U.S. medical school graduate has completed the U.S. postgraduate training and obtained a license to practice medicine in any U.S. State.