This compound is primarily utilized in organic synthesis, particularly as a key intermediate in the production of complex molecules, including pharmaceuticals. Its bicyclic structure makes it valuable for constructing rigid frameworks in drug development, especially for targeting specific biological pathways. It is often employed in asymmetric synthesis to create chiral centers, which are crucial for the efficacy of many therapeutic agents. Additionally, its reactivity allows for further functionalization, enabling the development of diverse compounds with potential applications in medicinal chemistry and material science.