The present invention relates to drug delivery system for delivery of finasteride to prostate for achieving.prevention and treatment of benign prostatic hyperplasia (BPH) comprising styrene maleic anhydride (SMA), dimethyl sulfoxide (DMSO), finasteride complex, and to its process for preparation. In one embodiment, the present invention also relates to drug delivery system for delivery of styrene maleic anhydride to vas deferens for achieving contraception comprising styrene maleic anhydride (SMA), dimethyl sulfoxide (DMSO), finasteride complex, and to its process for preparation.