Primarily utilized in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various drug molecules. Its unique structure, featuring both a hydroxyoxetane ring and a benzoic acid moiety, makes it valuable for developing bioactive compounds, particularly those targeting inflammation and pain management. Additionally, it is explored in the creation of prodrugs, where its properties enhance drug delivery and bioavailability. In material science, it is investigated for its potential in designing polymers with specific mechanical and chemical properties, particularly for biomedical applications. Its versatility also extends to organic synthesis, where it acts as a building block for complex organic molecules.