There is described an inclusion complex of raloxifene hydrochloride and (3-cyclodextrin in the solid phase having a specific X-ray powder diffraction spectrum. The invention also relates to a process for obtaining the raloxifene hydrochloride inclusion complex with p-cyclodextrin of the invention. The complex of the invention is employed as a pharmaceutical ingredient in the treatment of osteoporosis, specifically postmenopausal osteoporosis.