This compound is primarily utilized in the field of organic synthesis as a key intermediate in the production of complex molecules. Its structure, featuring both hydroxyl and carboxylate functional groups, makes it a versatile building block for the development of pharmaceuticals, particularly in the synthesis of active pharmaceutical ingredients (APIs). It is often employed in the creation of bicyclic compounds that serve as scaffolds for drug candidates targeting neurological and cardiovascular diseases. Additionally, its stability and reactivity under various conditions allow for its use in multi-step synthetic processes, enabling the construction of intricate molecular architectures with high precision.