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The cost of Alzheimer鈥檚 disease is projected to rise by more than 70% to around $26.6 billion over the next 20 years, according to a new report by the .

CEO Maree McCabe AM said with almost half a million Australians living with dementia 鈥� and Alzheimer鈥檚 disease the most common form 鈥� this report reinforces the likelihood that dementia will have a staggering future economic cost without urgent action.

鈥淒ementia is the second leading cause of death and the leading cause of death of women in Australia. It is the major chronic disease of this century,鈥� McCabe said.

The report, titled 鈥楾he Economic and Societal Cost of Alzheimer鈥檚 Disease in Australia, 2021鈥�2041鈥� and commissioned by Biogen Australia and New Zealand, builds on NATSEM and Dementia Australia鈥檚 鈥楨conomic Cost of Dementia in Australia 2016鈥�2056 Report鈥�, released in 2017.

In order to reduce costs in the longer term, there needs to be a bi-partisan long-term commitment to improved services, research and increasing our understanding about dementia risk reduction, according to McCabe.

The report indicated costs could significantly be reduced if a disease modifying therapy for Alzheimer鈥檚 disease was to become available. The result would mean fewer people having moderate to severe symptoms which would in turn, over time, reduce the impact on the health, aged care and disability systems.

鈥淭he introduction of a disease modifying therapy has the potential to lower the economic impact but is only part of the solution.

鈥淭he time for a holistic, sustained and coordinated approach is now,鈥� McCabe said.

Image credit: 漏stock.adobe.com/au/Andrea Danti