Melphalan, marketed under the brand name ALKERAN, is an alkylating chemotherapeutic agent primarily used in the treatment of multiple myeloma and non-resectable epithelial carcinoma of the ovary. It exerts its therapeutic effect by inducing DNA cross-linking, which leads to cell damage, particularly in rapidly dividing tumor cells. Since its introduction in 1953, it has become a cornerstone in treating hematologic cancers, especially when other treatments fail. 

Due to its potential for severe side effects, such as bone marrow suppression and leukopenia, ALKERAN should only be administered under the supervision of a physician experienced in cancer therapies. Regular monitoring of blood counts is essential to avoid complications associated with prolonged use.