Used as a key intermediate in the synthesis of polymers and biomaterials, particularly in the development of drug delivery systems. Its functional group allows for conjugation with various therapeutic agents, enhancing solubility and stability. Commonly applied in the creation of PEGylated compounds, which improve the pharmacokinetics and bioavailability of drugs. Also utilized in surface modification of nanoparticles to reduce immunogenicity and prolong circulation time in the body. Plays a role in bioconjugation techniques for targeted cancer therapies and diagnostic imaging agents.