This compound is widely used in the formulation of liposomes and other lipid-based drug delivery systems due to its amphiphilic nature, which allows it to form stable bilayers. It is particularly valuable in enhancing the solubility and bioavailability of poorly water-soluble drugs, making it a key component in targeted cancer therapies and other medical treatments. Additionally, it is employed in research to study membrane dynamics and lipid-protein interactions, providing insights into cellular processes. Its role in stabilizing emulsions and improving the texture of cosmetic products also makes it a popular ingredient in skincare formulations.