Nonetheless, the drug and its generic versions are widely used for that purpose.
France's pharmaceutical regulator has decided the risks associated with Diane outweigh the benefits, after four deaths linked to the drug in the past 25 years, and has suspended it from sale.
Australia's watchdog has responded by issuing a safety advisory.
It says they should not stop taking the drug unless advised by their doctor.
Australian Medical Association president Steve Hambleton says it is quite commonly used.
"It has a specific make-up which makes it useful for a particular medical problem, and that's acne or excess hair growth," he said.
"There are a lot of people who've taken it for that reason and stayed on it for contraceptive reasons.
"We need to make sure that we treat people appropriately with any drug. And if there's been a safety signal it does bear review."
Dr Hambleton says there are alternatives women can take.
"They do need to ask their doctor: what is my particular risk? And that is influenced by age, your family history of blood clots, whether you're overweight and whether you smoke," he said.