In this paper we study the fourth Painlevé equation and how the concept of isomonodromy may be used to elucidate properties of its solutions. This work is based on a Lax pair which is derived from an inverse scattering formalism for a derivative nonlinear Schrödinger system, which in turn possesses a symmetry reduction that reduces it to the fourth Painlevé equation. It is shown how the monodromy data of our Lax pair can be explicitly computed in a number of cases and the relationships between special solutions of the monodromy equations and particular integrals of the fourth Painlevé equation are discussed. We use a gauge transformation technique to derive Bäcklund transformations from our Lax pair and generalize the findings to examine particular solutions and Bäcklund transformations of a related nonlinear harmonic oscillator equation.