Used as a key intermediate in the synthesis of dexamethasone derivatives, particularly for prodrug development and targeted drug delivery systems. Its carboxy and formyloxy functional groups allow for easy conjugation to polymers, proteins, or nanoparticles, enhancing solubility and enabling site-specific release in inflammatory or cancerous tissues. Commonly employed in research to develop long-acting corticosteroid formulations with reduced systemic side effects. Also utilized in immunoassay development and receptor binding studies due to its structural similarity to active dexamethasone.