Abstract: Pharmaceutical compositions comprising a mixture of hyaluronic acid and liposomes. Preferably, the pharmaceutical compositions further include a pharmaceutically active substance such as cyclosporin A encapsulated in the liposomes. A method for preparing a pharmaceutical composition includes producing liposomes from phospholipids, preferably in the presence of a pharmaceutically active substance (most preferably cyclosporin A) to be encapsulated within the liposomes, and mixing the liposomes with hyaluronic acid. Pharmaceutical compositions of this invention are used, for example, to topically administer pharmaceutical agents effective to treat skin disorders by deposition of that agent in the dermis or sub-dermis while minimizing systemic circulation thereof. These compositions are also administered orally, parenterally and intrarectally.