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news.A new version of the Genomics and Personalized Medicine Act, which was previously proposed by the US presidential hopeful Senator Barack Obama, has been introduced in the US Congress, reported PharmaTimes.
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The new bill was proposed by Patrick Kennedy, the representative for Rhode Island, and includes tax incentives for research into personalized medicine.
Similar to Mr Obama’s 2007 bill, the new bill also proposes to set up a Genomics and Personalized Medicine Interagency Working Group (IWG), a national biobanking database and funding to improve diagnosis, treatment and counselling relating to genetic conditions.
According to Mr Kennedy, the new bill is aimed at enhancing the scope of personalized medicine for all Americans by intensifying genomics research. It will also encourage initiatives that will help improve the accuracy of disease diagnosis, increase the safety of drugs and identify novel treatments.
The new bill also includes provisions for establishing tax and test credits for research expenses incurred by pharmaceutical manufacturers in the development of companion diagnostic tests. The tax credit is expected to be equal to the research expenses incurred by the firm in connection with the development of a qualified test. The new bill is presently being examined by two House committees – Ways and Means and Energy and Commerce.