FDA approves new drug with a whopping $700,000 price tag

The FDA just approved one of the most expensive drugs ever with a whopping $700,000 price tag.

BioMarin Pharmaceuticals manufactured the drug, which is called Brineura for children battling CLN2.

The condition is a form of Batten disease, which affects the nervous system. Symptoms range from seizures to trouble coordinating muscles to vision loss.

BioMarin estimates that between 1,200 to 1,600 children across the globe have the condition -- 85 percent of whom live outside the United States.

Though patients won't actually have to pay that much money for the drug, it adds to the controversy surrounding high prices for rare disease drugs.

Brineaura isn't even the most expensive drug on the market -- that price goes to Horizon Pharma's Ravicti, which is $793,632 per year.