Gene therapy is a technology that utilises the principles of genetic engineering to treat/ cure these diseases.
Somatic cell gene therapy is where body cells are genetically engineered with the healthy allele.
These cells are then inserted into the body where they should function as normal.
Drawbacks include the difficulty of genetically engineering animal cells, getting alleles to express themselves but most importantly that it is a temporary solution to a genetic disease.
Germ line gene therapy is where you target the sperm/eggs or embryo for genetic engineering.
This has the benefit of being a permanent solution.
Drawbacks include the unknown effects of genetically engineering human embryos.