Hi , I have a Devon Rex who had terrible allergies and would pull her fur out and lick herself raw. We tried changing her diet, washing her with medicated shampoo, applying creams – all to no avail. Eventually I was referred to a veterinarian dermatologist who did some tests, she turned out to have several allergies and they recommended that she get a course of vaccine shots to reduce her allergies (individually tailored for her to result in desensitisation over a period of time) rather than relying on prednisone which has long term consequences. As a result my kitty has grown back her fur, she no longer pulls fur out or licks her skin raw. She seems calmer and happier in herself.
This treatment requires a shot every 2 weeks but is quick and easy without the side effects of prednisone- maybe this would be something to explore for your situation?
It has made the world of difference for my kitty after 5 long years of suffering she is getting such relief.
The first isolation and structure identifications of prednisone and prednisolone were done in 1950 by Arthur Nobile .    The first commercially feasible synthesis of prednisone was carried out in 1955 in the laboratories of Schering Corporation, which later became Schering-Plough Corporation , by Arthur Nobile and coworkers.  They discovered that cortisone could be microbiologically oxidized to prednisone by the bacterium Corynebacterium simplex. The same process was used to prepare prednisolone from hydrocortisone . 
Prednisone is used to treat the diseases or their symptoms caused by low level of corticosteroids or some other conditions of people whose level of corticosteroids is normal. These are the cases of arthritis (certain types), allergic reactions (severe cases), multiple sclerosis (when the functions of nerves are not proper), lupus (a condition when the organs are attacked by the organism) and some other conditions effecting lungs, eyes, skin, kidney’s blood, stomach, thyroid and intenstines. Cancer of some certain types are also sometimes treated with Prednisone. Prednisone refers to the corticosteroids class of medications. It replaces the coticosteroids within a human body which must be normally and naturally produced by the organism. Prednisone may come as a solution (liquid), a tablet or a concentrated solution and is taken by mouth. Your dosage and the schedule if taking the medicine will be provided by your doctor and will depend on the results of treatment. Take the cure just the way your doctor tells you, not more or lees as prescribed. The concentrated Prednisone solution is taken using the special dropper which comes in the package. The concentrated Prednisone solution may be mixed with flavored liquids (juice). Your personal doctor can change your dosage of Prednisone during the treatment to make sure that your dose is the lowest dose possible working. The dosage may also be changed if you go through a surgery, infection, illness or a serious asthma attack. Remember to tell your personal doctor if you achieve any changes in your symptoms during taking Prednisone. Don’t stop taking the medication even if you feel much better and never stop taking it without telling your doctor as it may cause extreme tiredness, weakness, changes in skin color, mouth sores, craving for salt, slowed movements, upset stomach, weight loss. Remember telling your doctor about any allergy you have to Prednisone.