Possible Medical treatments for type 2 diabetes:

• Metformin (Glucophage)- Usually the 1st line drug in NIDDM. The action of metformin is it improves the body cells sensitivity to insulin, allowing for more efficient use of insulin. Metformin also decreases production of glucose in the liver. This combination helps to lower blood glucose levels.
• Sulfonylureas- These medications increase the pancreas’ production of insulin. There is a risk for weight gain and low blood sugar (hypoglycemia).
• Meglitinides-  Also increase production of insulin. These drugs are fast acting and leave the body quicker than sulfonylureas, reducing the risk of hypoglycemia.
• Thiazolidinediones- These medications have a similar action to Metformin. However, there are increased side effects including risk for heart failure and fractures. Due to this these drugs are not initially considered for treatment unless initial treatment has proven unsuccessful.
• GLP-1 receptor agonists- These medications lower blood sugar by slowing digestion. This is an adjunctive therapy and is not recommend to be used alone.
• SGLT2 inhibitors- These are a new class of medications that increase glucose excretion by preventing kidney reabsorption of glucose.
• Insulin therapy- see Insulin Therapy.

SOURCE: http://www.mayoclinic.org/diseases-conditions/type-2-diabetes/basics/treatment/con-20031902