This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex molecules. It is often employed in the preparation of pharmaceuticals, particularly in the synthesis of compounds with potential biological activity. Its structure, featuring both a hydroxyl group and an alkyne, makes it a versatile building block for creating derivatives that can be further modified for drug discovery. Additionally, it is used in research settings to study chemical reactions involving alkynes and phenols, contributing to advancements in synthetic chemistry methodologies.