The Deflating Draught is probably best known as an antidote to the Swelling Solution. As such, it is a standard medical treatment in the wizarding world, used to reduce swellings of all kinds, whether they are magically induced or not.
Rumours that it can be used as a kind of magical viagra remain unconfirmed.
Related Drugs: Hair Raising Potion, Mandrake Restorative Draught, Pepperup Potion, Polyjuice Potion, Skele-Gro & Swelling Solution.