This compound is primarily used in organic synthesis as a key intermediate for the production of various pharmaceuticals and fine chemicals. It serves as a building block in the synthesis of complex molecules, particularly those with cyclopentane or cyclopentene structures. Its reactive ketone and carboxylic acid groups make it versatile for forming esters, amides, and other derivatives, which are essential in drug development. Additionally, it is employed in research for studying enzymatic reactions and metabolic pathways due to its structural similarity to natural metabolites. Its applications also extend to the development of agrochemicals and specialty chemicals, where its unique structure contributes to the creation of biologically active compounds.