Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its ester and ether functional groups allow for selective transformations, making it valuable in constructing complex molecules. Commonly employed in carbon chain elongation reactions and as a building block in the synthesis of biologically active compounds, including potential drug candidates. The benzyl group can act as a protecting group, which can be removed under mild conditions, enabling multi-step synthetic strategies in medicinal chemistry.