This chemical is primarily utilized in organic synthesis as a versatile intermediate for the development of pharmaceuticals and bioactive compounds. It serves as a key building block in the creation of isoindolinone derivatives, which are known for their potential therapeutic properties, including anti-inflammatory, anticancer, and antimicrobial activities. Additionally, its hydroxymethyl group allows for further functionalization, making it valuable in the design of complex molecules for drug discovery and medicinal chemistry research. It is also explored in the development of materials science applications, particularly in the synthesis of polymers and coatings with specific functional properties.