This compound is primarily utilized in organic synthesis as a versatile intermediate. Its unique bicyclic structure and functional groups make it valuable for constructing complex molecules in pharmaceutical research. It can serve as a building block for developing drug candidates, particularly in the synthesis of bioactive compounds with potential therapeutic applications. Additionally, it may be used in material science for designing polymers or specialty chemicals with specific properties. Its hydroxyl and ester groups allow for further chemical modifications, enabling its incorporation into larger molecular frameworks.