Used in targeted cancer therapy, particularly for neuroendocrine tumors, due to its ability to bind somatostatin receptors overexpressed on tumor cells. This compound serves as a precursor or intermediate in the development of radiolabeled peptides for diagnostic imaging (e.g., PET or SPECT scans) and peptide receptor radionuclide therapy (PRRT). Its acetylated form enhances stability and receptor selectivity, improving pharmacokinetics for therapeutic and diagnostic applications. Also employed in research settings to study peptide internalization and receptor-mediated drug delivery mechanisms.