It is possible that Monistat combats hair loss, states Huffington Post. However, there are no clinical studies proving this. As of 2015, the evidence that exists is purely anecdotal.
Monistat's active ingredient is miconazole nitrate, which has a chemical structure similar to ketoconazole, Huffington Post explains. Studies show that ketoconazole blocks dihydrotestosterone, the hormone responsible for female and male-pattern hair loss.
Miconazole cream is approved by the U.S. Food and Drug Administration for use as an antifungal agent and is available without a prescription, states Huffington Post. However, it is not approved for the purpose of combating baldness in women or men. Side effects of traditional use include itching, irritation, burning sensation and headaches. Some women also complained of burning, headaches and discomfort when they applied it to their scalp.