The partition coefficient is the ratio of concentrations of a compound between two immiscible solvents at equilibrium. For drug delivery, the lipophilic/hydrophilic balance affects the rate and extent of drug absorption, as biological membranes are lipoidal in nature and passively absorbed drugs' rate of transfer is directly related to their lipophilicity. Drug classes are determined based on factors like pKa and LogP values, with class affecting absorption. Parameters like pH, pKa, and lipid solubility of un-ionized drugs influence the gastrointestinal absorption of weakly acidic or basic drugs.