Used primarily in biochemical research, this compound serves as a substrate for enzyme assays, particularly for detecting and measuring the activity of proteolytic enzymes like trypsin and other serine proteases. Its application is crucial in studying enzyme kinetics and mechanisms, aiding in the understanding of protein digestion and processing. Additionally, it is employed in diagnostic tests to evaluate pancreatic function and enzyme-related disorders. The compound's specificity makes it valuable in both academic and clinical settings for precise enzyme activity analysis.

Furthermore, it is utilized in the development of chemical and biological assays to assess the efficacy of enzyme inhibitors, which hold potential for treating various diseases such as cancer or infections. This enables researchers to analyze enzyme mechanisms and design more effective therapeutic agents.