This compound is primarily utilized in the synthesis of complex organic molecules, particularly in the pharmaceutical industry. It serves as a key intermediate in the production of prostaglandins, which are crucial for various physiological processes, including inflammation regulation and blood flow. Additionally, it is employed in the development of antiviral and anticancer agents due to its unique structural properties that enable the creation of targeted therapeutic compounds. Its role in asymmetric synthesis also makes it valuable for producing enantiomerically pure substances, which are essential for effective and safe drug formulations.