Used in pharmaceutical formulations as an intermediate for steroid synthesis, particularly in the production of corticosteroids and sex hormones. It serves as a lipophilic derivative that enhances the stability and bioavailability of active compounds in drug delivery systems. Also utilized in research settings to study cholesterol metabolism and esterification processes in lipid biochemistry. Its esterified form allows for better solubility in organic solvents, making it suitable for use in analytical standards and chromatographic applications.