The glucocorticoids are generally regarded as immunosuppressants. In r
eality they are immunoregulatory, with both positive and negative effe
cts on the immune system. The effects of glucocorticoids in any given
tissue cannot easily be related to the early morning plasma cortisol l
evel. The diurnal rhythm, which in normal people results in occupation
of the glucocorticoid receptors in T lymphocytes for about half the 2
4-hour cycle, is also important. Moreover, the effects within each tis
sue depend upon the metabolism, both systemically and within each tiss
ue, of the glucocorticoids themselves and of other steroids derived fr
om dehydroepiandrosterone sulphate that have antiglucocorticoid proper
ties. These points highlight numerous potential targets for novel ther
apies, including: (i) the regulation of the glucocorticoid/dehydroepia
ndrosterone balance; (ii) regulation of the diurnal rhythm; (iii) deve
lopment of inhibitors of enzymes that metabolise glucocorticoids or de
hydroepiandrosterone in different tissues; and (iv) use of novel combi
nations of glucocorticoid and antiglucocorticoid (dehydroepiandrostero
ne) metabolites that have properties unlike those of either steroid us
ed alone.