To the best of my knowledge, Rid-ich is Malechite green, and is as effective as any number of other meds available. Most ich meds are melechite or formalin or a combination thereof. My Brother swears by Rid-ich, I have used it as well but that was many years ago, and the fish I had did not seem to be capable of surviving meds.
Make sure you reduce organics in the tank as much as possible, organics are the variable that have the greatest side effect on ich meds.
dave