Used as a key intermediate in the synthesis of pharmaceuticals and functional polymers, particularly in the development of prodrugs and biodegradable materials. Its hydroxyl and carbonate functionalities allow for selective chemical modifications, making it valuable in creating controlled-release drug delivery systems. It is also employed in the preparation of specialty monomers for polymer chemistry, where the hydroxyl group can be further extended or linked to other building blocks. Additionally, its stability under various reaction conditions makes it suitable for use in multi-step organic syntheses, especially in the construction of complex bioactive molecules.