The bioavailability of a chemical refers to the extent and rate at which it is absorbed into the systemic circulation. Complex formation can impact bioavailability by altering the solubility and absorption of a substance. For instance, the complexation of a metal ion with a ligand can increase its solubility, enhancing absorption and bioavailability. Conversely, some complexes may be poorly soluble, reducing the availability of the metal ion for absorption.