Used as a preservative in injectable medications due to its antimicrobial properties, helping prevent bacterial growth in multi-dose vials. Commonly found in topical pharmaceutical and cosmetic formulations as a solvent and fragrance additive. Acts as a local anesthetic in some ear drop preparations to relieve pain. Employed in the synthesis of esters for use in perfumes and flavorings. Also serves as a stabilizer and co-solvent in various liquid formulations, including parenteral products.