This compound is primarily utilized in the synthesis of paclitaxel, a widely used chemotherapy medication. Paclitaxel is effective in treating various cancers, including ovarian, breast, and lung cancers, as well as Kaposi's sarcoma. The compound serves as a crucial intermediate in the production of paclitaxel, enabling the drug to inhibit cell division by stabilizing microtubules, which ultimately leads to the death of rapidly dividing cancer cells. Its role in the pharmaceutical industry is significant, contributing to the development of life-saving cancer therapies.