Used as a chelating agent in organic synthesis due to its ability to bind metal ions effectively. Commonly employed in the preparation of radiopharmaceuticals, especially in labeling peptides and proteins with technetium-99m for diagnostic imaging. Also serves as a bifunctional linker in bioconjugation, where one functional group binds to a biomolecule and the thiol group coordinates with metal complexes. Its water solubility and stability under physiological conditions make it suitable for biomedical applications. Additionally, it acts as a stabilizer or intermediate in the synthesis of certain pharmaceuticals and fine chemicals.