This compound is primarily utilized in the field of biotechnology and pharmaceuticals, particularly in the development of targeted drug delivery systems. It is often employed as a linker molecule, facilitating the conjugation of therapeutic agents to specific biomolecules like antibodies or peptides. This enhances the precision of drug delivery, allowing for more effective treatment of diseases such as cancer by minimizing damage to healthy tissues. Additionally, it plays a role in the synthesis of advanced biomaterials, contributing to innovations in tissue engineering and regenerative medicine. Its application is also seen in diagnostic imaging, where it helps in the attachment of imaging agents to target cells, improving the accuracy of diagnostic procedures.