This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in pharmaceutical research and development. It serves as a key intermediate in the production of various bioactive molecules, including those with potential therapeutic applications. Its bicyclic structure and functional groups make it valuable for constructing specific molecular frameworks required in drug design. Additionally, it is employed in asymmetric synthesis to achieve high enantiomeric purity, which is critical for developing chiral drugs. Its stability and reactivity also make it suitable for use in multi-step synthetic processes in organic chemistry laboratories.