This compound is primarily utilized in the development of advanced drug delivery systems due to its amphiphilic nature, which allows it to form micelles or liposomes. These structures are effective in encapsulating hydrophobic drugs, enhancing their solubility and bioavailability. It is also employed in the synthesis of targeted therapeutic agents, where its structure can be modified to attach specific ligands for precise delivery to diseased cells, such as cancer cells. Additionally, it finds application in the field of nanotechnology, where it is used to create functionalized nanoparticles for diagnostic imaging and therapeutic purposes. Its ability to stabilize and protect active pharmaceutical ingredients makes it valuable in the formulation of long-acting injectables and other controlled-release systems.