Used as an intermediate in organic synthesis, particularly in the preparation of pharmaceuticals and biologically active compounds. Its structure allows for functionalization in the development of heterocyclic compounds, which are common in drug discovery. Commonly employed in the synthesis of antimicrobial, anti-inflammatory, and antifungal agents due to the presence of both oxazole and benzyl alcohol moieties. Also utilized in the creation of chiral building blocks for asymmetric synthesis, making it valuable in the design of enantiomerically pure drugs.