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Drug-induced hypothyroidism may be caused by: 1  Drugs used for hyperthyroidism (overactive thyroid), such as propylthiouracil (PTU), radioactive iodine, potassium iodide, and methimazole. 2  Treatment with lithium or iodides in certain people.
A: There are three common medications used to treat hypothyroidism, or low thyroid levels. Synthroid (levothyroxine) is probably the most common form of thyroid hormone. Levothyroxine is a synthetic form of a thyroid hormone made by the thyroid gland.