AARP: Brand-name drugs cost 18 times more than generics
AARP Health Services Research Director Leigh Purvis discusses why drug prices are so high.
U.S. regulators have approved the most expensive medicine everOpens a New Window., a therapy meant to cure a disorder that rapidly destroys a baby's muscle control and kills most within a couple of years.
The one-time gene therapy developed by Novartis, Zolgensma (zohl-JEN-smah),Opens a New Window. will cost $2.125 million. It treats a rare condition called spinal muscular atrophy, or SMA, which strikes about 400 babies born in the U.S. each year.
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The therapy, given in a one-hour infusion, was approved for children under age 2 and will be available within two weeks.
Out-of-pocket costs for patients will vary based on insurance coverage.
“If you have a medication that can treat that illness, and not just treat it Maria, cure this illness, that’s magical, that’s amazing," Dr. Mikhail Varshavski know as "Dr. Mike" told FOX Business' Maria BartiromoOpens a New Window. in a recent interview. "We are making great progress" he added.
Novartis said it will let insurers make payments over five years and will give partial rebates if Zolgensma doesn't work. Company executives said that financial assistance will be available.