Genomics and Personalized Medicine Act of 2008 - Directs the Secretary of Health and Human Services to: (1) establish the Genomics and Personalized Medicine Interagency Working Group (IWG) to facilitate collaboration, coordination, and integration of activities among federal agencies relating to genomic research and initiatives; (2) expand and accelerate research and programs to collect genetic and genomic data that will advance the field of genomics and personalized medicine; (3) establish a national biobanking distributed database for the collection and integration of genomic data and associated environmental and clinical health information; (4) establish a grant program for academic medical centers and other entities to develop or expand biobanking initiatives; (5) improve genetics and genomics training for diagnosis, treatment, and counseling of adults and children for both rare and common disorders; (6) establish a registry on the analytical and clinical validity of laboratory-developed genetic tests; (7) contract with the National Academy of Sciences to study incentives to encourage companion diagnostic test development; and (8) make information available on the safety and efficacy of genetic tests and commission a study for improving federal oversight and regulation of such tests.
Requires the Director of the Centers for Disease Control and Prevention (CDC) to: (1) conduct an analysis of the public health impact of direct-to-consumer marketing of genetic tests; and (2) expand efforts to educate the public about genomics and its health applications.
Amends the Internal Revenue Code to establish a companion diagnostic tax credit for qualified diagnostic tests designed to provide information that can be used to increase the safety or effectiveness of a drug.