Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and fine chemicals. Its cyclic structure and functional groups make it valuable for constructing chiral molecules. Commonly employed in the development of bioactive compounds, including drugs targeting central nervous system disorders. Also utilized in the synthesis of fragrances and flavoring agents due to its ester and alcohol functionalities, which can be further modified. Serves as a building block in asymmetric synthesis, where stereochemistry plays a critical role in determining biological activity of final products.