Widely used as a solubilizing agent in pharmaceutical formulations, particularly for poorly water-soluble drugs. Enhances the bioavailability of hydrophobic compounds by forming micelles in aqueous solutions. Commonly employed in injectable formulations, including chemotherapeutic agents like paclitaxel, to improve drug delivery and stability. Also utilized in oral and topical preparations to enhance drug absorption. In addition to pharmaceuticals, it serves as an emulsifier in cosmetics and personal care products, improving the texture and stability of creams and lotions. Its biocompatibility and solubilizing properties make it a versatile excipient in various drug delivery systems.