This chemical is primarily used in the synthesis of pharmaceutical compounds, where it serves as a key intermediate. It is particularly valuable in the production of drugs that target the central nervous system, as the structure allows for effective modification to enhance bioavailability and therapeutic efficacy. Additionally, it is employed in the development of prodrugs, where its ester group can be cleaved in vivo to release the active drug molecule. The compound is also utilized in organic chemistry research for the preparation of complex molecules, aiding in the study of reaction mechanisms and the development of new synthetic pathways. Its versatility makes it a useful building block in the creation of various bioactive molecules.