Most of the new chemical entity discovered are lipophilic in nature and faces the problem of poor biopharmaceutical properties, among these properties solubility remains a key issue. Improving the aqueous solubility of drug is one of the main challenges to pharmaceutical industry. Various approaches are used for improving solubility of drugs like salt formation, emulsification, co-solvency, use of polymer, micronisation, solid dispersion, inclusion complex etc. Cocrystal synthesis may offer opportunity to pharmaceutical industry to address intellectual property issue by extending the life cycle of old APIs. Cocrystallization technique can be a feasible and valuable technique and can be applied to various other clinically important poorly water-soluble phytoconstituents in order to improve their solubility, safety, efficacy and bioavailability as well as clinical applicability.