Used in pharmaceutical formulations as a solubilizing and stabilizing agent, particularly in protein-based drugs. Enhances drug delivery by improving the bioavailability of poorly water-soluble compounds. Employed in controlled-release systems due to its gel-forming properties. Also utilized in gene delivery systems where it helps in complexing and protecting nucleic acids. Shows low toxicity and good biocompatibility, making it suitable for various biomedical applications including tissue engineering and wound healing.