Cancer Research UK policy and information executive director Sarah Woolnough said that the initiative should help save more lives from cancer in the future.
"Crucially, it means unearthing a variety of new information that scientists can use to learn more about the biology of cancer in order to develop new ways to prevent, diagnose and effectively treat the disease," Woolnough added.
Operated by a not-for-profit company, called Genomics England, and entirely owned by the UK Health Department, the project aims to boost understanding of various conditions and improve diagnosis, while also enabling more personalised care.
Chaired by Sir John Chisholm, Genomics England will manage contracts for specialist UK companies, universities and hospitals to supply services on sequencing, data linkage and analysis.
Managing the storage of patients’ personal data in line with existing NHS rules, the company will establish the standards for obtaining consent from patients for participation.
"We must understand more about a cancer’s genetic makeup so we can develop more personalised treatments that will target its weak spots," Woolnough said.