Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of cardiovascular and central nervous system agents. Its bifunctional structure allows for conjugation with active pharmaceutical ingredients to improve solubility or modify release profiles. Commonly employed in the preparation of prodrugs and targeted drug delivery systems due to its biocompatible linker properties. Also utilized in the creation of functionalized polymers for biomedical applications such as hydrogels and bioconjugates.