This compound is primarily utilized in the field of medicinal chemistry, particularly in the development of targeted cancer therapies. It functions as a key component in proteolysis-targeting chimeras (PROTACs), which are designed to degrade specific proteins involved in cancer progression. By binding to both the target protein and an E3 ubiquitin ligase, it facilitates the ubiquitination and subsequent degradation of the protein, offering a novel approach to cancer treatment. Additionally, it has been explored for its potential in treating neurodegenerative diseases by targeting misfolded proteins. Its unique structure allows for selective interaction with disease-related proteins, making it a valuable tool in drug discovery and therapeutic development.