1,2-Distearoyl-sn-Glycero-3-Phosphoethanolamine (DSPE)-polyethylene glycol with conjugated rhodamine (DSPE-PEG-RhB) is an amphiphilic polymer. Pegylated phospholipids are excellent liposome formation materials that can be used for drug delivery, gene transfection and vaccine delivery as well. Pegylation of phospholipids significantly improves the blood circulation time and stability for encapsulated drugs. These materials can also be used for targeted drug delivery by modifying their surfaces with targeting ligands such as antibodies, peptides. Fluorescein labeled DSPE PEG products emitted red fluorescence and can be easily detected with fluorescent microscopy or spectroscopy.