This chemical is widely used in the development of advanced drug delivery systems due to its ability to enhance solubility and stability of therapeutic compounds. It is particularly valuable in creating targeted therapies, as it can be conjugated with drugs or nanoparticles to improve their bioavailability and specificity towards diseased cells. Additionally, it plays a significant role in the field of bioconjugation, where it is utilized to modify proteins, peptides, and other biomolecules for research and diagnostic applications. Its application extends to the synthesis of fluorescent probes, aiding in imaging and tracking biological processes in real-time.