This compound is widely utilized in the field of biomedical research, particularly in the development of targeted drug delivery systems. Its structure allows for effective conjugation with various therapeutic agents, enhancing their solubility and stability. Additionally, it is employed in the synthesis of imaging probes for diagnostic purposes, where it aids in improving the contrast and specificity of imaging techniques. The compound also plays a role in the modification of biomaterials, contributing to the enhancement of biocompatibility and functionality in medical devices. Its versatility makes it a valuable component in advancing both therapeutic and diagnostic applications.