More than £3bn that could have been used for UK patients will go to big pharma for its branded products – money for care siphoned off for profit

Of Arthur Scargill it was said that he began each day with two newspapers. The miners’ leader read the Morning Star of course, but only after consulting the Financial Times. Why did a class warrior from Yorkshire accord such importance to the house journal of pinstriped Londoners? Before imbibing views, he told a journalist, he wanted “to get the facts”.

In that spirit, let us parse a deal just struck by the governments of Donald Trump and Keir Starmer. You may not have heard much about this agreement on medicine, but it is huge in both financial and political significance – and Downing Street could not be more proud.

A “world-beating deal,” boasts the science minister, Patrick Vallance. It “paves the way for the UK to become a global hub for life sciences,” claims the business secretary, Peter Kyle, with the government press release adding: “Tens of thousands of NHS patients will benefit.”

Aditya Chakrabortty is a Guardian columnist