This compound is primarily utilized in the synthesis of complex organic molecules, particularly in pharmaceutical research and development. It serves as an intermediate in the production of active pharmaceutical ingredients (APIs) due to its functional groups, which allow for further chemical modifications. Its structure is beneficial in creating compounds with potential therapeutic applications, such as targeting specific enzymes or receptors in the body. Additionally, it is employed in the development of prodrugs, where its ester group can be hydrolyzed in vivo to release the active drug. Its versatility also makes it valuable in organic synthesis for constructing tailored molecules in medicinal chemistry.