Used primarily in the synthesis of pharmaceuticals, it serves as a key intermediate in the production of various drugs, including antifibrinolytics like tranexamic acid, which helps reduce bleeding. It is also employed in the development of peptides and organic compounds due to its reactive amino and carboxyl groups. In research, it aids in studying enzyme interactions and biochemical pathways. Additionally, it finds use in material science for modifying polymers and coatings to enhance their properties.