Osteophytes are body's response to age related degeneration of ligaments. Depending on the degree of degeneration, body throws bone at the site of attachment of ligaments. Therefore, these are quite normal for anybody over 35 or 40 year. Some times when there is excessive osteophytes formation these could pinch a nerves and cause symptoms. It is only then that we need to do something. However, in majority of cases simple exercise and toning up of muscles help. There are no medicines for osteophytes and normally nothing needs to the done.