Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the production of active pharmaceutical ingredients (APIs). It plays a role in the development of prodrugs, where its acetoxymethyl group can be hydrolyzed to release the active drug molecule in the body. Additionally, it is utilized in organic synthesis for the preparation of esters and other derivatives, which are important in medicinal chemistry and drug delivery systems. Its applications extend to research settings for studying chemical reactions and developing new therapeutic agents.