This compound is primarily utilized in biochemical research, particularly in the study of enzyme mechanisms and protein interactions. It serves as a key intermediate in the synthesis of more complex molecules used in medicinal chemistry. Its structure allows it to mimic natural amino acids, making it valuable in probing biological pathways and developing enzyme inhibitors. Additionally, it has potential applications in the development of radiopharmaceuticals due to the presence of iodine, which can be used in imaging and diagnostic techniques. Its role in the synthesis of targeted therapeutic agents is also being explored, particularly in the treatment of neurological disorders.