Lipophilicity gives us an idea of how much the drug will be able to partition between organic and aq. phases. In the body, it informs bioavailability of the drug to biological targets; will the drug molecule be able to traverse biological membranes from lipid to aqueous environments? If you may get hold of "Drug-like properties: Concepts, structure design and Methods" by Kerns and Di, 2008, it provides a clear picture relating it to solubility, adsorption, distribution of drug, metabolism and elimination. See also
https://link.springer.com/content/pdf/10.1007/978-3-642-27772-6_7015-1.pdf
Lipophilicity determines pharmacokinetics (absorption, distribution, metabolism, excretion). How fast and how much a drug molecules reaches the target site. Once the a drug molecules is determined its lipophilicity can be modified by using structural activity (SAR) relationship.
Lipophilicity is a key physicochemical property that plays a crucial role in determining ADMET (absorption, distribution, metabolism, excretion, and toxicity) properties and the overall suitability of drug candidates. There is increasing evidence to suggest that control of physicochemical properties such as lipophilicity, within a defined optimal range, can improve compound quality and the likelihood of therapeutic success
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