The Aspirin in Reducing Events in the Elderly (ASPREE) Trial has received $5 million grant from the Ministry of Health and Aged Care of Australia to test if a daily low dose of the drug will add more day to older people's lives by preventing diseases.

"We know that every dollar invested in medical research returns on average of more than $2 in benefits through reducing the burden of disease and driving productivity," Australia Health Minister Sussan Ley said.

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The trial led by Professor John Zalcberg is looking to gather evidence about positive effects of a low dose of aspirin in preventing life-threatening diseases such as colorectal cancer. He said that "if we can determine whether aspirin can protect against the development of colorectal cancer in the aging population, and how it does so, this would have enormous public health benefits."

The trial study, which is being conducted by the Monash University, involves 16,700 Australians aged between 70 and above. Another 2,500 individuals based in the United States are also participating in the research. Random assignment of aspirin dose is given to each participant. They either take a placebo tablet or a low-dose of the 100mg tablet for five years.

The goal of the study is to determine if the drug can prevent or postpone illnesses related to aging like dementia, depression, cardiovascular diseases, cancers, and depression. If aspirin is found to be beneficial in preventing diseases among seniors, then millions will be prescribed to use the drug; if proven otherwise, many will stop taking the unessential medication.

Aspirin is a salicylate drug that is used to reduce pain, inflammation, and fever. It is also prescribed to prevent or treat strokes, chest pain, and heart attacks. Apart from the aspirin trial on senior individuals, the Australian health ministry has also awarded grants for research into Alzheimer's disease, sleep apnoea in men, and multiple sclerosis.