The deal announced in December allows for a  25% rise in the price the NHS pays for new medicines - estimated at an additional annual cost of £3bn.

Liberal Democrat Treasury spokesperson, Daisy Cooper, said: ‘As industry leaders such as the Lancet and Nuffield Trust have echoed, it is an outrage that £3bn is being plundered because of our Government's weakness.

‘Keir Starmer has found huge sums to pay off a bully in the White House, yet he continues to abandon our social care system and the NHS. It's a bad decision for patients, who are waiting far too long for treatment - and will do little to help our life sciences. This isn't a deal, it's a surrender.'

Cooper called for the £3bn ‘Trump tax' to be scrapped with investment targeted at the crisis in social care.

In addition, Cooper said the Government should negotiate a new customs union with the EU to ensure the UK is less vulnerable to tariff threats and invest in its life sciences industry.

The DHSC has been asked for comment.