As early as the Ancient Egyptians, it was recognised that using the bark of the willow tree would help relieve minor aches and pains, including those caused by colds. However, it was not until 1763 that the medical community started to systematically investigate it, with the Royal Society publishing research into its role in treating fever.
The next major breakthrough came in 1828 when a professor at Munich University extracted the active ingredient from willow, named salicin. By 1876, further tests had shown that this was effective in reducing pain. During the late 19th century, salicylic acid became an increasingly used as a pain-relief drug. However, it has several unpleasant side effects, such as bleeding and nausea, which limited its use.
Chemical company Bayer set to work in 1895 to make a more palatable version of the drug. Two years later, Felix Hoffmann came up with acetylsalicylic acid. Initially, there was some scepticism about its effectiveness compared to other similar products. However, tests vindicated the new powder, which was trademarked by Bayer at 'Aspirin' on 6 March 1899. It appeared in tablet form in 1900 and became prescription-free in 1900.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
By the 1950s, it would become the most widely sold painkiller. However, in 1974, research would suggest that it also plays an important role in preventing heart attacks. There is also strong evidence that it reduces the risk of cancer. At the moment, it is one of the top ten generic drugs in the world, with annual sales of around $1.64bn. However, Bayer's patent expired in 1917, meaning that generic competitors would get most of the profits.
Bayer would also lose the US rights to the name 'Aspirin' after it attempted to get around the wartime embargo on phenol, an important ingredient.
-
Rightmove: UK asking prices drop as market adjusts to higher stamp duty costsSellers are coming to market with lower asking prices to attract buyers amid a glut of supply
-
8 of the best houses for sale with outdoor swimming poolsThe best houses for sale with outdoor swimming pools – from a family house in Wimbledon Village, London, to a 1640s mansion in Derbyshire with a heated swimming pool in the grounds
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar SquareFeatures On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is createdFeatures On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formedFeatures On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
