Hi there Sports_Rx, ITBS (iliotibial band friction syndrome) is exactly that, degeration caused by friction.

Step 1: Analyse the biomechanics of anything you are doing that may cause this. Make sure you look at your foot/ankle motion during running.

Step 2: Analyze the training regimen that could cause this with normal mechanics, not necessarily altered.

Then consider that this problems take a long time to product pain as a symptom. Therefore they can take months to heal once the other factors have been addressed. Treatments like acupuncture might assist with pain reduction and even tissue normalisation.

Think about where in the range of movement you are feeling the pain. This will give an indication as to what it is that you are doing to cause it, e.g. a deep squat is different to riding a bike that is again different to running. Which is worse?

Perhaps the biggest consideration is the inner thigh (adductor muscles) that must balance the overactivity of the gluteals in squatting movements etc. I rarely find someone with strong inner thighs or adductors that connect in a single leg support phase. You can work glut medius till the cows come home but without a strong connected adductor complex you are going to struggle to remain symptom free.

Remember the mechanics of swing phase of the leg: hip flexion, external rotation and abduction and that this movement mush be balanced by range and stablility to permit extension, adduction and internation rotation (relative) during stance phase. Often a lack of the later can cause a short stride and overactive gluteals.

So get videoing, restore function mechanics and give it time as pain is a good guide to whether it's all working.... or not