Here are 11 drugs that have been known to cause excessive hair loss as a side effect. 1) Cholesterol-lowering medications — atorvastatin and simvastatin Atorvastatin (Lipitor) and simvastatin (Zocor) belong to a group of cholesterol-lowering medications known as “statins”. Have hair loss is a reported side effect of both drugs. The newer statin, rosuvastatin (Crestor),