The new injection called Prolia, has been shown to significantly cut the risk of fractures in patients with osteoporosis.
It was said by the manufacturers that it works as well as the current main treatment but without the side-effects.
Up to one in four women cannot take the most common therapy for the condition, bisphosphonates, because of reactions which can include crippling stomach pain.
Bisphosphonates also have to be taken on an empty stomach, and patients have to sit upright for half an hour before they can eat or drink.
The new drug, also called denosumab, has been licensed for use in Britain.The National Institute for Health and Clinical Excellence (Nice) has yet to decide whether it will be available on the NHS.
The drug costs £366 a year which is more expensive when compared to bisphosphonates which costs around £27 annually.
Studies show that Prolia can cut the risk of suffering a fracture of the spine by two thirds.
The research also found that women taking the drug also regained up to nine per cent of bone density.
The new injections - given every six months - can even be administered by GPs in their surgeries.
Dr Claire Bowring, from the National Osteoporosis Society, said: The main treatments currently used for osteoporosis are not suitable for all, so we welcome the launch of denosumab as a new option to help prevent unnecessary, disabling fractures.
Up to a quarter of patients cannot use the most common treatments, bisphosphonates, due to side effects, like digestive problems.
Denosumab works in a brand new way avoiding some of these side effects and requires only two injections under the skin each year.
It has the potential to be administered by GPs which means that it could cut down on hospital visits for some.'
A decision from Nice on Prolia is expected before the end of the year.
In 2001, it was reported that Osteoporosis affects 2.2 million people in Australia.
1 in 2 women and 1 in 3 men over 60 years will have an osteoporotic fracture in Australia. Fractures from osteoporosis are less common in men than in women but when fractures occur in men they cause higher disability and death rates.
Musculoskeletal conditions, including arthritis and osteoporosis affect around 6.3 million Australians.