This compound is primarily utilized in the field of organic synthesis, particularly in the modification of biomolecules. It is often employed as a reagent for introducing functional groups into proteins, peptides, and other macromolecules, enabling the study of their structure and function. In biochemical research, it is used to label and track biomolecules, aiding in the investigation of cellular processes and interactions. Additionally, it finds application in the development of pharmaceutical compounds, where it serves as a building block for synthesizing drug candidates with potential therapeutic effects. Its reactivity with amines and thiols makes it valuable for creating covalent bonds in targeted drug delivery systems and diagnostic agents.