This compound is primarily utilized in organic synthesis as a building block for the development of complex molecules, particularly in pharmaceutical research. It serves as a key intermediate in the preparation of biologically active compounds, including potential drug candidates. Its bicyclic structure and functional groups make it valuable for constructing frameworks that mimic natural products or target specific biological pathways. Additionally, it is employed in the synthesis of heterocyclic compounds, which are often explored for their therapeutic properties. Its stability and reactivity allow for versatile applications in medicinal chemistry and drug discovery processes.