Reduced oestrogen levels can lead to bone thinning and an increased risk of painful fractures.
But the the drug abaloparatide increases bone density by stimulating the cells that make new bone.
It has been approved for use on the NHS for those who have not responded to, or cannot tolerate, other treatments.
Some 14,000 women are expected to benefit, says the National Institute for Health and Care Excellence.
Nice's professor Jonathan Benger said it had considered testimony from patients "about how debilitating osteoporosis can be and how it impacts all aspects of day-to-day life", including not going out for a walk due to fears of falling and breaking a bone.
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