This compound is primarily utilized in the field of organic synthesis as a key intermediate in the production of complex molecules, particularly in the development of pharmaceuticals. Its structure, featuring both a bicyclic system and a carboxylate group, makes it a valuable building block for constructing biologically active compounds. It is often employed in the synthesis of alkaloids and other nitrogen-containing heterocycles, which are important in drug discovery. Additionally, its hydroxyl group allows for further functionalization, enabling the creation of diverse derivatives with potential therapeutic applications. Its role in medicinal chemistry is significant, particularly in the design of drugs targeting the central nervous system or other specific biological pathways.