Used as a key intermediate in organic synthesis, particularly in the development of pharmaceuticals and agrochemicals. It plays a crucial role in the construction of bicyclo[1.1.1]pentane structures, which are valuable in drug discovery due to their ability to mimic phenyl rings while offering improved metabolic stability and reduced steric hindrance. Additionally, it is employed in the preparation of biologically active compounds, including enzyme inhibitors and receptor modulators, contributing to advancements in medicinal chemistry.