It probably depends entirely on why you are getting it. Some things, like withdrawal of hormones during menopause, can be treated, others might not be so treatable. You should check with the appropriate doctor based on why you're getting the problem.
Here is from Wikipedia:
Causes of formication include normal states such as onset of menopause (i.e. hormone withdrawal). Other causes are medical conditions such as diabetic neuropathy, skin cancer, syphilis, Lyme disease or herpes zoster.
Formication can also sometimes be experienced during high fevers.
It can be a side effect of Ritalin (methylphenidate), Adderall (adderrall) (dextro/levo-amphetamine) and Lunesta (eszopiclone) and other prescription drugs or of cocaine or amphetamines. (Accordingly, it goes by the slang term "coke bugs".) Formication can also be a withdrawal symptom of weaning oneself off cocaine or amphetamine. It can also accompany alcohol withdrawal in alcoholics, along with delirium tremens.
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