Used as a key intermediate in the synthesis of macrocyclic chelating agents, particularly in the development of radiopharmaceuticals. Its structure allows for stable coordination with metal ions, making it valuable in medical imaging and targeted radiotherapy. Commonly employed in the preparation of MRI contrast agents and PET imaging probes due to its ability to form complexes with paramagnetic or radioactive metal ions. Also utilized in bioconjugation strategies where selective labeling of biomolecules is required.