This chemical is widely used in the formulation of liposomes and other lipid-based drug delivery systems due to its amphiphilic nature, which allows it to stabilize lipid bilayers. It is particularly valuable in enhancing the solubility and bioavailability of poorly water-soluble drugs, making it a key component in pharmaceutical research and development. Additionally, it is employed in cosmetic formulations as an emulsifier and skin-conditioning agent, improving the texture and absorption of skincare products. Its role in biomembrane studies is also significant, as it helps in mimicking natural cell membranes for experimental and diagnostic purposes.