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 biological processes including inflammation and blood flow regulation. Additionally, it is employed in the development of antiviral and anticancer agents due to its unique structural properties that allow for effective interaction with biological targets. In the field of organic chemistry, it is also used in asymmetric synthesis to create chiral compounds, which are essential for producing enantiomerically pure drugs. Its versatility and reactivity make it a valuable component in advanced chemical research and drug development.