Hair loss is an infrequent side effect of Effexor^® (venlafaxine hydrochloride), occurring in less than 1 percent of people who take the medicine. If you are taking Effexor and hair loss becomes a problem, talk with your healthcare provider. Depending on how severe the hair loss is, there are things that he or she may be able to do. It is possible that if hair loss is bothersome to you, your doctor may recommend adjusting the Effexor dosage or trying another medicine for your condition.