FDA approves world's most expensive drug

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NBC, (WILX) - The FDA just approved the world's most expensive drug at a cost of over $2 million.

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"Today for transplants, we spend $3 million to $5 million with far less efficacy than we see with a medicine like this," said Vas Narasimhan, Novartis CEO.

Narasimhan says because it is only given once, the cost is less expensive than current treatments, and is covered by insurance with payments spread out over five years like a mortgage.

With hundreds of gene therapies in development, many are worried insurance companies will pass on the cost to the consumer.

"There's no price on human life, right? How much would you pay to save your kid?" said mother Nicole Almeida.