Preservatives are chemical substances used to prevent microbial growth and increase the shelf life of drugs and cosmetics. They work by inhibiting microbial growth through various mechanisms like acting as antioxidants, antimicrobial agents, or chelating agents. The effectiveness of preservatives can be influenced by factors like pH, concentration, microbial susceptibility, interference from other ingredients, and interaction with solid particles. Common preservatives include parabens, benzoic acid, sodium benzoate, and phenoxyethanol which are used in pharmaceutical and cosmetic products to inhibit bacteria, molds, and yeasts.