There are two different kinds of drive failues:
a) Hardware failure
b) Logical failure
A Hardware failure includes drive motor failure, drive circuitry failure, and head failure. The CHEAPEST possible repair would be the replacement of a failed drive circuit board. But these boards typically need to be replaced by IDENTICAL boards, which not everybody is going to have. Large data restoration companies have them in stock.
The cost for hardware repair goes up from there. Head failure involves taking a drive apart in a cleanroom and requires considerable precise work. It's not cheap, and won't get any cheaper in the future.
Logical failure is caused by trashed directories, accidental formatting, etc. It can be done with software if the drive is still spinning, the drive control circuitry is working, and the head is responding and undamaged.This is the kind of data recovery that a local repair shop MIGHT be able to do successfully and cheaply. But I wouldn't count on it if the data was truly important.
If a drive is not being detected by the BIOS, like the Original Poster's, it's NOT a logical failure. Something is wrong with the hardware.