Used in targeted cancer therapy, particularly for neuroendocrine tumors, due to its ability to bind somatostatin receptors overexpressed on tumor cells. This compound serves as a precursor or intermediate in the development of radiolabeled peptides for diagnostic imaging and peptide receptor radionuclide therapy (PRRT). Its structure allows conjugation with radioactive isotopes, enabling precise tumor localization and treatment. Also utilized in research settings to study peptide stability, receptor targeting efficiency, and drug delivery mechanisms in oncology.