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While many chemicals in cosmetics present little or no threat, several have been linked with considerable health issues, including developmental delays and cancer. Cosmetic chemicals get into your body through inhalation, ingestion, and the skin, and cause the same dangers as food chemicals, per this site.

Chemicals and contaminants linked to cancer are found in water, food, and lots of other commonly used goods. However, no classification of consumer goods is subject to less government oversight than cosmetics, including Medicated Lip Balm. Though most of the chemicals and contaminants in cosmetics and personal care products very likely present little risk, your exposure to some is linked to serious health issues, such as cancer.