This chemical is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various compounds, particularly in the creation of prodrugs and targeted drug delivery systems. Its structure allows for efficient conjugation with other molecules, making it valuable in the design of PEGylated compounds, which enhance solubility, stability, and bioavailability of therapeutic agents. Additionally, it is employed in click chemistry reactions due to its propargyl group, enabling the formation of stable triazole linkages. This property is particularly useful in bioconjugation and the development of novel biomaterials.