Sir John Bell, professor of medical sciences at Oxford University, adviser on genetics to the government and chair of its human genomics strategy group, made his comments as UK Prime Minister David Cameron launched a national DNA database of up to 100,000 patients with cancer or rare diseases, The Telegraph reported.
"The price of genome sequencing has been falling off a cliff. It has fallen by 100,000-fold in 10 years. We are headed for 100 pounds a genome. That will happen in the very near future," Bell said.
He told Radio 4's Today programme that it means everybody's genetic make up would therefore be available if they wish it to be.
"Genetics is a key component of all common diseases. There is a possibility that this will help in a whole variety of ways including the use of new drugs," he said.
The UK will be the first country to introduce hi-tech DNA mapping within a mainstream health system in a move designed to help it lead the world in tackling cancer and rare diseases, Downing Street said.
Campaigners warned the project, in which patients will have to opt out of having their personal DNA code sequenced if they do not wish to be involved, comes with "very real privacy concerns".
If extended to the whole population, individuals and their relatives could be identified and tracked by matching their DNA to their genome stored in health care records in a move which could "wipe out privacy", GeneWatch UK said.
Both the Conservatives and the Liberal Democrats opposed plans for a DNA database put forward under Labour, in part due to concerns over civil liberties, the paper said.
But up to 100,000 patients over three to five years will now have their personal DNA code sequenced, anonymised and stored to increase doctors' understanding of their genetic make-up, condition and treatment needs, and help develop potentially life-saving new drugs.
"By unlocking the power of DNA data, the NHS will lead the global race for better tests, better drugs and above all better care," Cameron said.
"We are turning an important scientific breakthrough into a potentially life-saving reality for National Health Service (NHS) patients across the country," he was quoted as saying by the paper.
"If we get this right, we could transform how we diagnose and treat our most complex diseases not only here but across the world, while enabling our best scientists to discover the next wonder drug or breakthrough technology," Cameron added.
Mapping the human genome for the first time in 2000 cost about 500 million pounds, but it will soon be able to be done for less than 1,000 pounds, clearing the way for personalised medicines and individualised treatments, Downing Street said.
