Widely used as a solubilizing agent in pharmaceutical formulations, particularly for drugs that are poorly soluble in water. It enhances the bioavailability of hydrophobic drugs by forming micelles, which can encapsulate the drug molecules and improve their dispersion in aqueous solutions. Commonly employed in injectable and oral drug delivery systems, including chemotherapeutic agents, to ensure effective and consistent dosing. Additionally, it acts as an emulsifier in topical creams and ointments, improving the stability and texture of these products. Its biocompatibility and ability to solubilize a wide range of compounds make it a versatile excipient in the pharmaceutical and cosmetic industries.