Yes, red yeast rice extract is a type of statin, which is a type of medication commonly used to lower cholesterol levels. Red yeast rice extract works by reducing the production of cholesterol in the body by inhibiting an enzyme called HMG-CoA reductase, which is responsible for making cholesterol in the liver. It is important to note that red yeast rice extract is not as potent as other statin medications, so it may not be as effective in treating high cholesterol levels. It is also important to speak with your doctor before taking any medication, including red yeast rice extract.