This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). Its bicyclic structure makes it a valuable building block in the development of complex molecules, particularly those targeting neurological and cardiovascular diseases. It is often employed in the production of beta-lactam antibiotics and other therapeutic agents due to its ability to introduce specific functional groups into the molecular framework. Additionally, its stability and reactivity make it suitable for use in organic synthesis and medicinal chemistry research, where it aids in the creation of novel compounds with potential therapeutic applications.