This compound is primarily utilized in organic synthesis as a building block for the development of more complex molecules. It serves as a key intermediate in the production of pharmaceuticals, particularly in the synthesis of compounds with potential therapeutic effects. Its bicyclic structure makes it valuable for creating molecules with specific stereochemistry, which is crucial in drug design to achieve desired biological activity. Additionally, it is employed in research settings to explore new chemical reactions and pathways, aiding in the discovery of novel compounds with applications in medicine and material science.