This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals and fine chemicals. Its structure allows it to participate in reactions that form more complex molecules, particularly in the development of active pharmaceutical ingredients (APIs). Additionally, it is employed in research settings to study enzymatic processes and biochemical pathways, aiding in the discovery of new therapeutic agents. Its ester group makes it useful in modifying the solubility and bioavailability of drug candidates during the drug development process.