Yes. Ice applications, topical hot rubs (bengay, icyhot etc.) or topical non-steroidal antiinflammatory gels such as voltaren, or a patch by the name of flector patch, (diclofenac) or oral non-steroidal antiinflammatory medications - ibuprofen/naproxen may be used. Avoiding movements/activities known to cause/aggravate your symptoms is advised. Physical therapy may come in handy.
Treat the cause. It band is often multifactorial- overtraining, running hills, running on crowned surfaces, poor/incorrect footwear, tightness of the it band and hamstrings, weak gluteus medius and poor running biomechanics are all implicating factors. I recommend relative rest (decrease mileage, frequency and/or hills), update your footwear (custom eval. At running store), a rehab program and a gait analysis.