This is a bit of a murky area. Apparently, hair follicles can even create their own testosterone:
"Human pilosebaceous units possess enough enzymes to form the active androgens testosterone and dihydrotestosterone."[3]
However, I am not sure how relevant this is because we know that castration stops baldness. My guess is that the majority of testosterone coming to the hair follicle is from serum. It is then converted via 5-AR into DHT right in the follicle, where it acts. There is one problem with this though.
We know that the testosterone/epitestosterone ratio in balding follicles is greatly increased (too much testosterone and its downstream metabolites). However that same ratio seems to be normal in the serum of balding people. Epitestosterone is synthesized somewhere in the testicles and increases in response to HCG, but it is not made from testosterone (it is presumably made from pregnenolone just the same but branches off somewhere before DHEA); see this
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"The difference between the fathers of the two groups was more clear - the T/E ratio of the balding fathers (mean 46.41, range 32.99±68.34, p < 0.001) was about five times that of the nonbalding fathers (9.17, 6.34±11.41)."
https://www.researchgate.net/public...uctase_as_Indicators_of_Male-Pattern_Baldness
So if the ratio is normal in serum (there is no direct study, but this ratio is used for doping control tests, and if balding people had 5 times as much T / Epi-T they would be constantly failing and testing positive for doping) but is five times higher in balding follicles, why is that? Couple of possibilities:
1. The follicle is for some reason taking up way too much testosterone from serum (but not epitestosterone)?
2. Epitestosterone is not taken up from serum but synthesized in the follicle (in far too small amounts)?
3. Something else that I can't think of right now
Epitestosterone is important because it is basically a natural anti-androgen that balances out testosterone and its metabolites.
"Epitestosterone is believed to form in a similar way to testosterone; a 1993 study found that around 50% of epitestosterone production in human males can be ascribed to the testis,[3] although the exact pathway of its formation is still the subject of research."
"Epitestosterone, or isotestosterone, also known as 17α-testosterone or as androst-4-en-17α-ol-3-one, is an endogenous steroid and an epimer of the androgen sex hormone testosterone. It is a weak competitive antagonist of the androgen receptor (AR) and a potent 5α-reductase inhibitor.[1][2]"
It's both a natural 5-AR inhibitor and androgen receptor antagonist, and we have on average 5 times too little of it - no wonder our hair is dying.
Given that this has been known about for 20 years now, it seems that an epitestosterone topical would be the logical treatment course for Androgenetic Alopecia then, wouldn't it, since it would tackle the root of the problem? Only one issue with that though - as a natural molecule it cannot be patented, and that's just not where the money is.
I think this is a subject matter deserving of its own thread though, so I might get on making one sometime later.