This chemical is primarily utilized in the field of drug delivery and biomedical research due to its amphiphilic nature, which allows it to form micelles or liposomes. These structures are effective in encapsulating hydrophobic drugs, enhancing their solubility and bioavailability for targeted therapeutic applications. It is also employed in the development of biocompatible coatings for medical devices, improving their performance and reducing adverse reactions in biological systems. Additionally, its functional groups make it suitable for conjugation with peptides or proteins, enabling its use in diagnostic imaging and targeted cancer therapies.