This compound is primarily used in the field of biochemistry and pharmacology, particularly in the synthesis of peptides and proteins. It serves as a key intermediate in the production of various biologically active molecules. Researchers utilize it to modify peptide structures, enhancing their stability, bioavailability, and interaction with target receptors. It is also employed in the development of radiopharmaceuticals for diagnostic imaging, where it helps in creating compounds that can be traced within the body. Additionally, it plays a role in studying enzyme mechanisms and receptor binding activities, aiding in the understanding of biochemical pathways and drug design.