Used primarily as a key intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs), particularly naproxen. Its structure allows for efficient conversion into the active pharmaceutical ingredient through esterification or salt formation. It plays a critical role in enabling the chiral synthesis of (S)-naproxen, which is the therapeutically active enantiomer. The compound's stability and reactivity profile make it suitable for large-scale manufacturing processes in the pharmaceutical industry. Additionally, it is utilized in research settings for developing new derivatives with improved pharmacokinetic properties.