Metformin hydrochloride tablets (IP 500mg) are a prescription medication used primarily to treat type 2 diabetes. It may also be prescribed off-label for women with polycystic ovary syndrome (PCOS). The “IP” designation means the medicine was manufactured in accordance with the Indian Pharmacopoeia standards. Metformin helps manage type 2 diabetes by controlling high blood sugar levels. It works by: Decreasing glucose production in the liver. Increasing the body's sensitivity to insulin. This allows the body's cells to use insulin more effectively. Lowering the amount of glucose absorbed from food in the intestines.