Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of certain antihistamines and anti-inflammatory agents. Its functional groups allow for easy modification in multi-step organic reactions, making it valuable in medicinal chemistry. Commonly employed in research settings for developing ester and amide derivatives with potential biological activity. Also utilized in the preparation of prodrugs due to the presence of hydroxymethyl and methoxycarbonyl moieties, which can enhance bioavailability.