Pharmacist Access and Recognition in Medicare (PHARM) Act of 2006

Pharmacist Access and Recognition in Medicare (PhARM) Act of 2006 - Amends part D (Voluntary Prescription Drug Benefit Program) of title XVIII (Medicare) of the Social Security Act to require prompt payment of clean claims to pharmacies by prescription drug plans and Medicare Advantage prescription drug plans. Defines prompt payment as within 14 days from submission for claims submitted electronically, and within 30 days for claims submitted otherwise. Requires payment of interest, also, if a payment is not issued, mailed, or otherwise transmitted within the applicable number of calendar days.

Prohibits a Medicare prescription drug card issued by a prescription drug plan sponsor from displaying the name, brand, or trademark (co-branding) of any pharmacy.

Revises requirements for a covered medication therapy management program, allowing it to be furnished by a health care provider, other than a pharmacist, with advanced training in medication management.

Requires the Secretary of Health and Human Services to specify: (1) the population of part D eligible individuals appropriate for services under a medication therapy management program, based on certain characteristics; and (2) a minimum defined package of medication therapy management services that shall be provided to each enrollee.

Revises requirements for pharmacy fees.

Directs the Secretary to establish: (1) a two-year demonstration program to examine the impact of medication therapy management furnished by a pharmacist in a community-based or ambulatory-based setting on quality of care, spending, and patient health; and (2) a Best Practices Commission to develop a best practices model for medication therapy management.