Used in pharmaceutical formulations as an emulsifier and solubilizer, particularly in lipid-based drug delivery systems. Enhances bioavailability of poorly water-soluble drugs by promoting self-emulsification in the gastrointestinal tract. Commonly found in softgel capsules and oral lipid formulations. Also serves as a component in parenteral nutrition emulsions to support fat metabolism. In cosmetics and food industries, functions as a skin-conditioning agent, emollient, and emulsifier, improving texture, absorption, and ingredient stability in creams, lotions, lipsticks, and certain food products requiring moisture and emulsification. Plays a role in research as a model compound for studying lipid metabolism and enzyme activity, especially in relation to lipases, triglyceride breakdown, and lipoprotein functions.