Aspirin use could cost $100 Billion in Pensions Costs
It has been reported aspirin’s recent use in fighting cancer and extending life expectancy has been identified as a risk which could potentially increase pension liabilities by as much as $100 billion.
Studies published in 2012 in the Lancet have shown that daily doses of aspirin may reduce the chances of developing or dying from cancer earlier than previously thought and also preventing tumours from spreading.
Some U.S studies have shown that up to 25% of people aged 50 and older are already taking aspirin each day, mainly to prevent heart disease.
Bayer AG, based in Leverkusen, Germany, invented aspirin and has sold it since 1899. A bottle of 500 generic 325- milligram aspirin tablets can be as cheap as £0.15p in UK supermarkets.
The drug aspirin, which is based on salicin, which is a chemical found in the bark of the willow tree. It was first mentioned about 2,400 years ago by Hippocrates, an ancient Greek who was also considered as the father of Western medicine.
Cost to Pensions
If more people begin taking aspirin daily, the pension costs for men in the U.K. could rise by 0.7% within 20 years, according to a statement from a report by Risk Management Solutions Inc. Actuaries’ assumptions about costs for pension funds have more recently been questioned as medical advances and changes in behaviour help people live longer.
This has been identified as a possible additional cost to US pensions of $100 billion as people live longer and require their pensions, longer than originally calculated.
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