Statins are ineffective in many cases and could be doing more harm than good, with up to 3 million people taking the medication needlessly.

That's according to results of a comprehensive study evaluating the use of the drug, that warns the NHS could be wasting vast sums of money by prescribing it to those labelled the "worried well".

According to The Telegraph, statins are taken by one in three people aged over 40. Up to seven million Brits take them, which equates to a £450 million yearly bill for the NHS.

The report claims that just one life is saved for the every 1,000 people who take statins every year. Many people on the medication take it because they are worried about developing heart disease, despite being at a low risk of heart problems.

The National Institute for Health and Clinical Excellence (NICE) recommends that statins be prescribed to people with a chance of suffering a heart attack, stroke or heart disease in the next decade standing at 20 per cent above average. However, they are free to prescribe it to lower-risk patients and many do. In fact, statins can be bought over the counter without prescription.

The study claims that research suggests statins could cause cognitive lapses and depression. Other trials have indicated the medication could increase the chance of liver problems, acute kidney failure and a type of muscle damage, as well as boosting the risk of hemorrhagic stroke in people who have already had one.

The advice is for anyone, whether it's patients taking statins or those in nurse manager jobs administering the medication, to consult a doctor before making a decision about continuing or stopping a course of the medication.