Poly(ethyl methacrylate) (PEMA) is dissolved in ethanol, known to be a non-solvent for PEMA, due to the solubilizing ability of an added bile acid biosurfactant, lithocholic acid (LA). The ability to avoid traditional toxic and carcinogenic solvents is important for the fabrication of composites for biomedical applications. The formation of concentrated solutions of high molecular weight PEMA is a key factor for the film deposition using the dip coating method. PEMA films provide corrosion protection for stainless steel. Composite films are prepared, containing bioceramics, such as hydroxyapatite and silica, for biomedical applications. LA facilitates dispersion of hydroxyapatite and silica in suspensions for film deposition. Ibuprofen and tetracycline are used as model drugs for the fabrication of composite films. PEMA-nanocellulose films are successfully prepared using the dip coating method. The microstructure and composition of the films are investigated. The conceptually new approach developed in this investigation represents a versatile strategy for the fabrication of composites for biomedical and other applications, using natural biosurfactants as solubilizing and dispersing agents.