No. Saw palmetto has been used successfully in the treatment of prostate enlargement. It does not however do much for treating hair loss, primarily because it fails to reduce serum DHT levels to a significant extent. Propecia is much more effective at this, and it is an imperative step in the process of inhibiting the formation of DHT in the scalp, where it matters most. As for side effects, these are certainly possible with saw palmetto, though everyone will respond uniquely.

It must be borne in mind that saw palmetto is as much a chemical concoction as finasteride (propecia); it was merely produced in Nature's laboratory instead of a conventional one. Like anything, if it's potent enough to cause a biochemical change in the body--especially involving hormones--it's potent enough to cause side effects in some people. Saw palmetto may be useful topically. For more information on this topic, please see our article on Saw Palmetto for Hair Loss.