Used extensively in the pharmaceutical industry as a solubilizing agent to enhance the solubility and stability of poorly water-soluble drugs. It is particularly effective in formulating injectable medications, where improved bioavailability is critical. Additionally, it is employed in oral and topical drug delivery systems to improve absorption and efficacy. Its ability to form inclusion complexes with various compounds makes it valuable in masking unpleasant tastes or odors in medicinal products. It is also utilized in cosmetics and personal care products to stabilize active ingredients and improve their delivery to the skin.