Used in biochemical research as a precursor for synthesizing peptides and proteins, aiding in the study of cellular processes and enzymatic reactions. It is also employed in the development of drug delivery systems, particularly for targeting specific tissues or cells. Additionally, it serves as a building block in the production of biodegradable polymers, which are utilized in medical applications such as sutures and tissue engineering scaffolds. Its properties make it valuable in enhancing the stability and efficacy of pharmaceutical formulations.