Physicochemical and physiological factors affect ocular bioavailability of drugs. Key physicochemical factors include molecular weight, particle size, concentration, solubility, lipophilicity, and pH. Physiological factors include instilled solution drainage, instilled volume, tear turnover rate, protein binding, enzymatic metabolism, non-productive drug absorption in tissues other than the cornea, and properties of the cornea such as thickness of layers and presence of ion channels. Understanding these factors is important for optimizing ocular drug delivery and bioavailability.