Used in the development of drug delivery systems to enhance solubility and stability of therapeutic compounds. It is often employed in bioconjugation techniques to modify proteins, peptides, and other biomolecules, improving their pharmacokinetic properties. The compound is also utilized in the synthesis of biodegradable polymers for medical applications, such as tissue engineering and controlled drug release. Additionally, it serves as a crucial reagent in the preparation of polyethylene glycol (PEG) derivatives, which are widely applied in pharmaceuticals and biotechnology for their biocompatibility and non-immunogenic characteristics.