Researchers at Manchester University made the breakthrough after discovering that a drug created to treat brittle bones had a positive effect on hair follicles.
And Dr Hawkshaw told the BBC a clinical trial would be needed to see if the treatment was effective and safe in people.
Two drugs are now known to treat male-pattern baldness or androgenetic alopecia: minoxidil and finasteride.
There are now two types of drugs aimed at treating male pattern baldness, minoxidil and finasteride, but neither are available on the NHS, and neither promise drastic results.
It was published in the journal, Public Library of Science Biology.More news: Ebola: DR Congo confirms new outbreak in country's north-west
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Since the 1980s, Cyclosporine A has been commonly used for suppressing transplant rejection and autoimmune diseases.
For those who have receding hairlines, hope is on the way as scientists have identified a drug - initially meant to be for osteoporosis treatment - which can help in hair growth.
The scientists think the drug, which is called "WAY-316606", can be "administered without dramatic side-effects", according to CNBC.
A project by The University of Manchester's Centre for Dermatology Research in England began work by examining an immunosuppressive drug that had always been known to cause hair growth as a side effect. Both preparations are especially effective and cause side effects.
And if you were wondering what LBC's very own Iain Dale looked like with a full head of hair - wonder no longer.
Follicles soon went into the active phase of hair growth - known as "anagen" - and began sprouting new hair.
The drug targets so-called Janus kinase (JAK) enzymes, which cause dormant hair follicles, and it promoted a 92% improvement in hair growth. However, they don't show significant results, and they even have unwanted side effects.