Used as a key intermediate in the synthesis of macrocyclic ligands for metal coordination, particularly in catalysis and radiopharmaceuticals. Its structure supports the formation of stable complexes with transition metals, making it valuable in developing catalysts for oxidation reactions. Also employed in designing chelators for medical imaging agents, especially in positron emission tomography (PET), due to its strong binding affinity and selectivity for certain metal ions. Commonly modified further to enhance solubility and targeting in biomedical applications.