Abstract: The present invention relates to the formulations of ester derivatives of capsaicin and ester derivatives of myristoleic acid. These derivatives are capable of reverting to the active parent compound following enzymatic or chemical hydrolysis. These derivatives have a higher lipophilicity, lipid solubility and less irritation to the skin than the parent compound, and hence are better able to be incorporated into certain pharmaceutical formulations, including cream and ointment pharmaceutical formulations. The pharmaceutical compositions of the present invention contain a compound of following formula (Ia): R—CO—CAP??(Ia) wherein CAP refers to collectively the capsaicins represented in FIG. 1 and a compound of formula (Ib): MCO—O—R??(Ib) wherein MCO refers to myristoleic acid.