Used as a key intermediate in the synthesis of macrocyclic chelating agents, particularly in the development of MRI contrast agents. Its structure allows for stable coordination with metal ions like gadolinium, enhancing contrast in medical imaging. Also employed in radiopharmaceuticals for targeted imaging and therapy due to its ability to form complexes with diagnostic and therapeutic radionuclides. The compound’s selective functionalization supports conjugation with biomolecules for use in molecular imaging and drug delivery systems.