There is no reason to think that they are not sequencing some of these samples in their research programs, and/or waiting for sequencing to become cheap enough

There is no reason to think that they are not sequencing some of these samples in their research programs, and/or waiting for sequencing to become cheap enough to do so. Considering that there are numerous large GWAS studies around, why would pharma pay big money for access to this data if it were limited to GWAS? They might currently only sequence specific genes and/or specific individuals, guided by the GWAS data, but as sequencing gets cheaper there is nothing stopping them from full genome sequencing in their research. Their prices are low for the "consumer" (product). The $300 million GSK deal is an example of how they can make real money.