Raloxifene is used for osteoporosis. It treats and prevents osteoporosis in postmenopausal women.How Raloxifene worksRaloxifene works like estrogen, a natural female hormone to stop the bone loss that can develop in women after menopause.Common side effects of RaloxifeneHeadache, Nausea, Vomiting, Breast tenderness, Leg cramps, Rash, Abdominal pain, Flu-like symptoms, Indigestion, Breast pain.