This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. Its structure, featuring both an azetidine ring and a benzyl carboxylate group, makes it a valuable intermediate in the creation of molecules targeting neurological and cardiovascular diseases. It is often employed in the design of enzyme inhibitors and receptor modulators due to its ability to interact with biological targets effectively. Additionally, it serves as a building block in medicinal chemistry for the development of compounds with potential therapeutic applications.