This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure, featuring both hydroxyl and ester functional groups, makes it versatile for various chemical reactions, including esterification and amidation processes. In pharmaceutical research, it is often employed in the development of potential drug candidates, particularly those targeting neurological disorders, due to its ability to interact with specific biological pathways. Additionally, it is used in the synthesis of chiral compounds, which are crucial in the manufacture of enantiomerically pure substances for medicinal and industrial applications. Its benzylamino group also allows for further modifications, enabling the creation of diverse chemical libraries for screening purposes.