Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the preparation of steroidal and anti-inflammatory compounds. Its cyclic beta-keto ester structure makes it valuable in organic synthesis for building complex ring systems through alkylation, condensation, and reduction reactions. Commonly employed in the development of biologically active molecules where a substituted cyclopentane scaffold is required. Also utilized in fragrance chemistry due to its ability to form stable derivatives with olfactory properties.