This compound is primarily utilized in biochemical research and pharmaceutical development due to its unique properties. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly in the creation of prodrugs that target specific cellular pathways. Its structure allows it to act as a carrier for delivering therapeutic agents to targeted sites within the body, enhancing drug efficacy and reducing side effects. Additionally, it is employed in the development of diagnostic agents, aiding in the detection and imaging of certain diseases. Its application extends to surface modification in nanotechnology, where it is used to functionalize nanoparticles for improved biocompatibility and targeted delivery in medical treatments.