This compound is primarily utilized in the synthesis of various pharmaceutical intermediates, particularly in the development of active pharmaceutical ingredients (APIs). Its structure, featuring a β-keto ester and a phenyl-substituted hydroxyl group, makes it a valuable building block for creating complex molecules, especially those with potential therapeutic properties. It is often employed in organic synthesis to construct key frameworks in drug discovery processes. In research, it serves as a precursor for studying chemical reactions and developing novel synthetic methodologies.