This chemical is primarily utilized in organic synthesis as a key intermediate for the preparation of more complex molecules. It is particularly valuable in the development of pharmaceutical compounds, where its structure can be modified to create biologically active substances. The presence of the tert-butyl group provides steric protection, making it useful in selective reactions. Additionally, the hydroxymethyl group offers a reactive site for further functionalization, enabling the creation of diverse derivatives. Its bicyclo[2.2.2]octane core contributes to rigidity, which can be advantageous in designing molecules with specific conformational properties for drug discovery and material science applications.