This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals. Its structure, featuring both a cyclopropyl and a hydroxyphenyl group, makes it a valuable building block for the development of compounds with potential biological activity. In medicinal chemistry, it is often employed in the design and synthesis of drug candidates targeting specific enzymes or receptors, particularly in the development of treatments for neurological disorders and cancer. Additionally, its unique chemical properties allow for further functionalization, enabling researchers to create diverse derivatives for screening and optimization in drug discovery programs.