This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its structural properties, which make it a valuable intermediate in medicinal chemistry. It is often employed in the development of anti-inflammatory and analgesic drugs, as its hydroxyl and carboxylic acid functional groups allow for effective interaction with biological targets. Additionally, it serves as a precursor in the production of certain bioactive molecules and natural product derivatives, contributing to research in drug discovery and development. Its application extends to the field of organic synthesis, where it is used to create complex compounds with potential therapeutic benefits.