Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anticoagulant and anti-inflammatory agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building complex heterocyclic systems. Commonly employed in ring-opening and condensation reactions to introduce oxygen-containing rings in drug candidates. Also utilized in the preparation of prodrugs due to the presence of reactive carbonyl and ester groups that can be selectively modified.