Is osteoarthritis a curable disease? What is the latest medicine for the treatment bone degeneration?

How the pain & sweling/inflammation caused by osteoartheitis is managed? Which medicine is safe & effective with minimum or no side effects to patients with such complaints?

Exercize is the best. It helps to absorb things from normal diet.

If you take expensive medicine and if its not absorbed, its useless.

i believe the only treatment available to date is replacement surgery
No, but maybe in the future, medications may be available which protect the cartilage from the deteriorating consequences of osteoarthritis. New treatments, including an antiinflammatory lotion, diclofenac (Pennsaid) are being studied for the relief of the pain of osteoarthritis right now.
There are many studies that link glucosamine and chondrotin to helping the body rebuild and restore cartilage that has been damaged. There are some things to keep in mind, however. If the cartilage is damaged past a certain point this treatment will not work, there has to be enough healthy, undamaged cartilage left to build off of. In addition, the cause of the arthritis may alter the effectiveness of the G&C. Regular exercise and staying away from inflammatory foods (anything you are allergic or sensitive to, dairy, high sodium, SUGAR, etc) can help alleviate the symptoms and possibly slow down the progression. It will take a period of 4-8 weeks for the supplement to kick in so don't get discouraged if it does not start working the day after you take your first does. Give it a chance to work.

As I have mentioned in previous answers, the US FDA has a law stating that the only thing that can "Cure" a disease is a medicine. So this means that either G & C does not cure OA (it just helps your body rebuild) or it is a medicine (which would be bad because then you would only be able to get by prescription which automatically means the price goes way up, and I don't know about you, but I don't want any more of my treatment options controlled by the doctors and insurance companies!)

I have worked with several patients who are afflicted with OA and done acupuncture on them. They tend to respond very, very well, even when all the other "doctors" told them there was nothing that could be done and they would have to stop partaking in their hobbies and live with the pain.
I'm a chiropractor/acupuncturist.