This compound is primarily utilized in the field of biochemistry and medical research due to its role as a biotin derivative. It is often employed in the development of biotinylated probes and reagents, which are essential for various diagnostic and therapeutic applications. The compound's ability to bind strongly with avidin and streptavidin makes it valuable in techniques such as ELISA, immunohistochemistry, and fluorescence microscopy, where it aids in the detection and visualization of target molecules. Additionally, it is used in the study of protein interactions and cellular processes, providing insights into biological mechanisms and pathways. Its stability and specificity also make it a useful component in the design of targeted drug delivery systems and biosensors.