Some pharma companies are coming with preparations containing extracts of saw palmetto. The quote below from the researcher below says in affirmative regarding its use. In India some times some herbal products are used for benign prostatic hyperplasia, and patient sometimes feels some response; but we heavily depend on allopathic drugs and surgery.
CLIPPED FROM: http://www.sciencedirect.com
Serenoa repens(saw palmetto) extracts are complex mixtures of compounds that act simultaneously on several biologic pathways known to be associated with the development of benign prostatic hyperplasia (BPH) in man. Reversal of the prohyperplastic pathways by the drug accounts for its clinical efficacy in the treatment of BPH.