This compound is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceuticals and biologically active molecules. Its structure, featuring both a hydroxyl group and a ketone functional group, makes it a versatile building block in the development of drugs targeting neurological and inflammatory conditions. Additionally, it is employed in the synthesis of heterocyclic compounds, which are crucial in medicinal chemistry for their potential therapeutic properties. Its applications also extend to the field of agrochemicals, where it contributes to the creation of compounds used in crop protection and pest control.