Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents. It serves as a building block for compounds with potential anxiolytic or sedative properties due to its structural similarity to bioactive cyclopentyl derivatives. Also employed in medicinal chemistry research to explore structure-activity relationships in carbamate-based molecules. Its hydroxyl and carbamate functional groups allow for further chemical modifications, making it valuable in creating compound libraries for drug discovery.