A polymer of hydrophobic monomers and hydrophilic monomers is provided. It is also provided a polymer blend that contains the polymer and another biocompatible polymer. The polymer or polymer blend and optionally a biobeneficial material and/or a bioactive agent can form a coating on an implantable device such as a drug delivery stent. The implantable device can be used for treating or preventing a disorder such as atherosclerosis, thrombosis, restenosis, hemorrhage, vascular dissection or perforation, vascular aneurysm, vulnerable plaque, chronic total occlusion, patent foramen ovale, claudication, anastomotic proliferation for vein and artificial grafts, bile duct obstruction, ureter obstruction, tumor obstruction, or combinations thereof.