Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents. Its structure supports the creation of bioactive molecules due to the presence of both a hydroxymethyl group and a carbamate functional group. Commonly employed in medicinal chemistry for constructing cyclobutane-based scaffolds, which are valuable in drug design for conformational restriction. Also utilized in the preparation of protease inhibitors and receptor modulators where rigid aliphatic rings enhance binding selectivity.