America is “closer than a lot of folks think” to ending cancer, Barack Obama has revealed.

The US President made the announcement after signing into law a new bill that aims to “end cancer as we know it” by investing billions of dollars in cancer treatments.

Mr Obama said: “Like many of you, I believe that the United States of America should be the country that ends cancer once and for all.

“We’re already closer than a lot of folks think, and this bill will bring us even closer, investing in promising new therapies, developing vaccines, and improving cancer detection and prevention.

"We are bringing to reality the possibility of new breakthroughs to some of the biggest health challenges of our time.

The 21st Century Cures Act was developed in conjunction with Vice President Joe Biden, whose son, Beau, died from brain cancer last year.

The Act will inject a total of $6.3 billion (£5 billion) into cancer research, drug addiction recovery programmes and mental health services.

$1.8 billion (£1.4 billion) from the fund will be used specifically for researching cures for cancer and making treatments for the disease accessible to more patients.

Barack Obama hands out his final Presidential Medal of Freedom awards Show all 10 1 /10 Barack Obama hands out his final Presidential Medal of Freedom awards Barack Obama hands out his final Presidential Medal of Freedom awards Tom Hanks Barack Obama smiles before presenting actor Tom Hanks with the Presidential Medal of Freedom Getty Barack Obama hands out his final Presidential Medal of Freedom awards Cicely Tyson President Barack Obama presents the Presidential Medal of Freedom to actress Cicely Tyson Getty Barack Obama hands out his final Presidential Medal of Freedom awards Michael Jordan Michael Jordan waits to receive his medal Getty Barack Obama hands out his final Presidential Medal of Freedom awards Melinda and Bill Gates Melinda and Bill Gates receive their medals Getty Barack Obama hands out his final Presidential Medal of Freedom awards Ellen DeGeneres and Robert De Niro Robert De Niro comforts Ellen DeGeneres after she becomes emotional accepting her medal Getty Barack Obama hands out his final Presidential Medal of Freedom awards Eduardo Padron President Barack Obama awards the Presidential Medal of Freedom to higher education advocate and Miami Dade College President Eduardo Padron Barack Obama hands out his final Presidential Medal of Freedom awards Diana Ross Diana Ross and President Obama Getty Barack Obama hands out his final Presidential Medal of Freedom awards Robert De Niro Obama awards Robert De Niro the Presidential Medal of Freedom Getty Barack Obama hands out his final Presidential Medal of Freedom awards Kareem Abdul-Jabbar Barack Obama congratulates National Basketball Association all-time leading scorer and social justice advocate Kareem Abdul-Jabbar Getty Barack Obama hands out his final Presidential Medal of Freedom awards Ellen DeGeneres Comedian and talk show host Ellen DeGeneres wipes away tears as her citation is read before being awarded the Presidential Medal of Freedom by U.S. President Barack Obama Getty

Mr Biden and his wife, Jill, joined the President on stage for the signing ceremony, together with David Grubb, a former West Virginia senator whose daughter, Jessie, died in March from an opioid overdose.

The Vice President said the Act would “help millions of people”.

He said: “This bill will literally, not figuratively, save lives.

“Just this mere signing today, Mr. President, as you know better than I do, gives millions of Americans hope

“The 21st Century Cures Act is going to harness America's best minds of science, medicine and technology to tackle some of our biggest and most complex health challenges of today."

It was a “bittersweet day”, Mr Obama added, acknowledging “it’s not easy” for the Bidens and Grubbs to talk about their losses. Mr Obama's mother also died from cancer, at the age of 52.

The Act, which had the support of Democrats and Republicans, is likely to be the last signed by President Obama before he hands the presidency to Donald Trump on 20 January.