If someone is undergoing transition from male to female with the assistance of a medical professional, she would usually be prescribed some form of hormone therapy among other things. It is extremely unlikely that the doctor would prescribe bovine ovary pills (BO) as part of that process, because there are prescription medications that are much more specific and powerful than BO; I haven't heard or read anywhere that a doctor has prescribed BO where HRT was also a choice..
People who are not involving a medical practitioner might consider such things as BO as part of their path from male to female because they are denied any medications that are only available legally by prescription. For them it isn't an alternative to HRT, it's probably the only choice they have.
There is some evidence that raw bovine ovarian extracts increase the aromatization of testosterone into estrogen, especially when taken with antiandrogens (such as Saw Palmetto), which results in such things as decreased testicle function, a change toward more a feminine appearance (skin, breasts, and so on.
Despite the fact that most of the evidence for BO is anecdotal, it is still true that enough people have used it that is is most likely a viable alternative if they cannot get HRT ... bearing in mind that in the final analysis, without seeing the results of scientific research, it's still true that what is true for one person is not guaranteed to be true for another person.
If I was consulting a doctor about my MTF transition, I would choose HRT over BO every time.
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