For the first time in history, the number of people aged over 65 in the UK exceeds those under 16. Like many other European countries, experts believe the UK is sitting on a demographic time bomb.
The House of Lords committee stressed that bigger investment in science could improve the quality of life of the elderly, not just in heart disease treatment but also through disease prevention.
The report said that 'comparatively little' is being invested by the government-backed Medical Research Council into ageing-related research, and virtually nothing by the Economic and Social Research Council.
Lord Sutherland of Houndwood, who chaired the inquiry, said: "The Government should do much more to support ageing-related research and to promote its application."
"Ageing is a progressive process, and this report looks at the longer term: not just what should be done for older people, but also what can be done for those who are now young or middle-aged to improve their old age."
The report also attacked the lack of industry commitment to this age group, repeating a warning issued by market analysts Datamonitor in recent years.
Although the elderly will make up a quarter of the total European population by 2020, with the most dramatic increase among those 80 years and over (who will grow from 21.4 million in 2000 to 35 million in 2025), food makers are not developing new products for the over-50s, says the firm.
The Datamonitor analysts believe this is partly due to the myth that older consumers are very brand loyal and less likely than younger people to try new products.
However recent months have seen a spate of anti-ageing foods introduced to European markets, including a dairy range from Parmalat containing the potent antioxidant CoQ10.
Nutrition for the elderly and for younger groups to reduce the risk of age-related disease is also discussed in the UK report, along with better housing conditions, transport and communication, and more funding for exercise for all ages.
The investigation, begun in July 2004, was conducted by Sub-Committee I of the Science and Technology Select Committee, which was chaired by Lord Sutherland of Houndwood.