Genomics and Personalized Medicine Act of 2006

Genomics and Personalized Medicine Act of 2006 - Requires the Secretary of Health and Human Services to: (1) establish the Genomics and Personalized Medicine Interagency Working Group to expand and accelerate genetics and genomics research and translate such research into clinical and public health applications; (2) expand and accelerate research and programs to collect genetic and genomic data that will advance the field of genomics and personalized medicine; (3) develop a plan for a national biobanking research initiative; (4) expand efforts to increase knowledge about the interaction between genetics and the environment and about ways in which molecular genetic screening, diagnostics, and treatments may be used to improve the health and health care of racial and ethnic minority populations; (5) increase recruitment and retention of trainees in genetics and genomics; (6) ensure the adequacy of genetics and genomics training for diagnosis, treatment, and counseling of adults and children for both rare and common disorders; (7) improve the safety, efficacy, and availability of information about genetic tests; and (8) improve the oversight and regulation of genetic tests.

Provides for the recruitment of health professionals from diverse backgrounds in the genomics workforce and improvement in the quality of genomics training.

Amends the Internal Revenue Code to establish a tax credit for qualified research expenses for the development of a qualified companion diagnostic test designed to provide information to increase the safety or effectiveness of a drug.

Provides for the expansion of adverse event reporting systems to encompass reports of adverse events resulting from genetic testing.