Used as a stabilizing agent in pharmaceutical formulations to enhance the shelf life of drugs by chelating metal ions that can catalyze degradation reactions. Commonly found in ophthalmic solutions where it helps maintain clarity and potency by preventing metal-induced oxidation. Also utilized in diagnostic reagents and enzyme assays to control metal ion activity, ensuring accurate results. Its magnesium content makes it suitable for applications where calcium chelation is needed without inducing hypocalcemia. Employed in some cosmetic and dermatological products to improve product stability and reduce metal-dependent skin irritation.