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A lab technician opens a cryogenic container at the Paoli-Calmettes Institute cancer care center in Marseille, France. Photo: Gerars Julien/AFP/Getty Images

Dozens of potentially revolutionary gene therapies are in the development pipeline, but we haven't yet figured out how to pay for them, Bloomberg reports.

Details: These drugs are expected to launch with extremely high prices, which are partially justified by the fact that they're designed as cures for diseases that are currently treated long-term. But that doesn't mean we know how to pay these huge sums in one sitting.

What they're saying: Vas Narasimhan, CEO of Novartis, said that one possible solution could be installment payments, per Bloomberg.

  • The company plans to use installments for Zolgensma, a gene therapy for spinal muscular atrophy that's expected to get approval soon.
  • Analysts expect its price to be $2 million, the first multimillion-dollar drug in the U.S.

The big picture: The FDA expects to approve as many as 20 cell- and gene-therapy drugs each year by 2025. Many of these drugs could have list prices in the millions.

  • “If we get to a point where these therapies become available not only in very rare conditions but in substantial patient populations, multimillion-dollar prices are not going to be in any way sustainable,” Nick Crabb, scientific-affairs director at the National Institute for Health and Care Excellence, told Bloomberg.

Go deeper: The drug pricing debate is stuck in the past

Go deeper

Erica Pandey, author of @Work
2 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
3 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.