Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of cardiovascular and central nervous system drugs. Its chiral structure makes it valuable for creating enantiomerically pure compounds, enhancing drug efficacy and reducing side effects. Commonly employed in research settings for constructing complex organic molecules, especially those involving chroman ring systems. Also utilized in the preparation of bioactive esters and prodrugs due to its favorable reactivity and stability under various reaction conditions.