5alphareductase (5ARase) inhibitors such as Finasteride and Dutasteride block the intracellular conversion of testosterone to dihydrotestosterone (DHT), and they have both been shown to reduce male pattern hair loss
When taken orally the reduced circulating blood levels of DHT, are associated with a reduced libido in many people, so this opens the possibility of using Finasteride and possibly Dutasteride topically so that there is little or no drop in circulating DHT levels.
However the question I would like help with is - is the effect of DHT on hair follicles primarily due to the intracellular conversion of Testosterone or is circulating DHT more important?
This is important because if circulating levels are important then it suggests that topical applications of finasteride/dutasteride will not work effectively and that testosterone receptor blockers applied topically would work better
For Reference - Normal testosterone levels in male adults are approx 10-30nmol/L, most of which is bound to circulating proteins, with only a small proportion present in free state. By comparison DHT range is in the region of 0.4 to 2nmol/L though there is no standard reference range and it is unclear how much of this is unbound