Used as a synthetic phospholipid in the formulation of liposomes for drug delivery systems, particularly in pulmonary and cancer therapies. It helps stabilize lipid bilayers and enhances the encapsulation efficiency of therapeutic agents. Commonly employed in research settings to study membrane dynamics and lipid-protein interactions due to its well-defined acyl chain structure. Also utilized in the development of pulmonary surfactant replacements for treating respiratory distress syndrome.