Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its hydroxyl and ester functional groups allow for diverse chemical modifications, making it valuable in constructing complex molecules. Commonly employed in the synthesis of heterocyclic compounds and prodrugs due to its ability to introduce polarity and biodegradable ester moieties. Also utilized in the development of specialty polymers and as a building block in medicinal chemistry for creating analogs with biological activity.