This compound is primarily utilized in organic synthesis as a versatile intermediate for the preparation of more complex molecules. It is particularly valuable in the development of pharmaceutical agents, where its structure can be modified to create compounds with potential therapeutic properties. Additionally, it serves as a building block in the synthesis of heterocyclic compounds, which are often explored for their biological activities. Its hydroxyl and ester functional groups make it a useful precursor for further chemical transformations, enabling the creation of diverse chemical entities in drug discovery and medicinal chemistry research.