The blogosphere is abuzz with talk of a "Viagra effect" in Brazil, where older men are marrying much younger woman. This is a problem for the pension system, since the women continue receiving benefits after the man dies.
Of course, as the all of the news articles about this issue make plain, this trend started way before the advent of Viagra.
Fact is, a very young woman looking for sex is going to look to someone about her age. Viagra doesn't turn a 50 year-old man into a 19 year-old man; it only gives him a strong erection. That's a benefit, to be sure, but it isn't some magical love potion. Women marrying much older men are doing so for economic reasons, not carnal ones.
Viagra isn't likely to have demographic effects in this way. Its effects are more small-scale. They are psychological, giving men confidence and removing strain from marriages.