Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of prostaglandin analogs and other bioactive molecules. Its strained bicyclic structure and hydroxymethyl functional group make it valuable for constructing complex ring systems in medicinal chemistry. Commonly employed in organic synthesis to introduce cyclopropane-fused frameworks, which can enhance metabolic stability and receptor selectivity in drug candidates. Also utilized in the preparation of chiral building blocks for asymmetric synthesis.