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We propose a macromolecular prodrug strategy of an injectable polymer (IP) system for continuous and sustained release of water‐soluble low‐molecular‐weight drugs. A biodegradable graft copolymer‐type IP covalently immobilizing model drugs via hydrolyzable ester bonds was synthesized through the coupling reaction of poly(depsipeptide‐co‐dl‐lactide), P(DG‐dl‐LA), having reactive carboxylic acid side‐chain...