Used as an excipient in pharmaceutical formulations to enhance drug solubility and stability. It functions as a solubilizing agent, particularly in parenteral and oral dosage forms, where it helps improve the bioavailability of poorly water-soluble active ingredients. Due to its biocompatibility and low toxicity, it is suitable for use in sensitive applications such as injectables and pediatric formulations. Also employed in controlled-release systems to modulate drug release profiles. Its ability to interact with both aqueous and lipid environments makes it valuable in developing stable emulsions and complex formulations.