Stem Cell Research for Patient Benefit Act of 2001

Stem Cell Research for Patient Benefit Act 2001 - Requires the Director of the National Institutes of Health to: (1) conduct or support research using human pluripotent stem cells from embryos and fetal tissue in accordance with the National Institutes of Health Guidelines for Research Using Human Pluripotent Stem Cells; and (2) study and report to specified congressional committees on stem cells and the effectiveness of such guidelines.

Requires the Secretary of Health and Human Services to enter into an agreement with: (1) the Institute of Medicine under which the Institute shall assess the current state of knowledge about therapies, including somatic cell nuclear transfer and therapies using pharmaceuticals, that may be used to address immunological rejection of stem cells and differentiated cells and tissue derived from stem cells; and (2) another appropriate public or nonprofit private entity to conduct such assessment if the Institute declines.

Establishes the Biomedical Advisory Commission to study: (1) bioethical issues arising from research on human biology and applications of such research; and (2) emerging biomedical research, including the ethical, social, legal, and regulatory issues concerning such research and its clinical applications.