An emulsion may be prepared from any two immiscible liquids but in pharmacy one phase is usually water.
Oil in water emulsions
These consist of oil droplets dispersed throughout an aqueous continuous phase.
Examples:
Medicinal emulsions mostly for oral use
Rubber latex
Egg yolk
Milk
Vanishing creams
Water in oil emulsions
These consist of water dispersed throughout a continuous oil phase
Examples:
Oily calamine lotion
Hydrous ointment
Cold creams
Multiple Emulsions
It is possible to prepare oil in water emulsion in which water globules are dispersed within the oil globules so that the system may be designated as water in oil in water
Medicinally used emulsions for oral administration are usually oil in water type and require oil in water emulsifying agent. These include synthetic non-ionic surface active agents, acacia, gelatin and tragacanth.
Externally applied emulsions may be oil in water or water in oil. Intravenous emulsions may be oil in water while intramuscular emulsions are water in oil or oil in water.
Water in oil emulsions are used almost exclusively for external application and may contain one or several of the following emulsifiers such as calcium palmitate, spans, cholesterol wool fat.