This compound is primarily utilized in the synthesis of complex organic molecules, particularly in pharmaceutical research. It serves as a key intermediate in the production of prostaglandin analogs, which are important for developing medications targeting conditions like glaucoma and peptic ulcers. Its structure allows for selective modifications, enabling the creation of biologically active compounds with therapeutic potential. Additionally, it is employed in asymmetric synthesis to achieve high enantiomeric purity, which is crucial for the efficacy and safety of chiral drugs. Its stability and reactivity make it a valuable building block in medicinal chemistry.