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The health secretary is launching a new government organisation to oversee the creation of a genomic revolution in healthcare that will attract big business investment, but which will raise concerns over patient privacy in the NHS.

Using the NHS's 65th birthday to push for a new "personalised" medical service, Jeremy Hunt will launch Genomics England, a state-owned entity led by Sir John Chisholm, a former chair of the medical research council who made millions from the sell-off of the government defence firm QinetiQ.

With the health service reeling from a series of regulatory scandals over patient care, the government has chosen an opportune moment to make the case for Genomics England, which will aim to attract investment from companies interested in building a new life sciences industry alongside the NHS by offering them cash from a ringfenced partnership fund, currently valued at £300m.

In May the prime minister announced that £10m from this fund would be used to match the Chinese billionaire Li Ka-shing's £20m donation to Oxford University's big data healthcare centre, which plans to analyse NHS patient records...