Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antiviral and anticancer agents. Its strained oxetane ring enhances metabolic stability and improves pharmacokinetic properties in drug candidates. Commonly employed in medicinal chemistry for structure-activity relationship (SAR) studies due to its ability to act as a bioisostere for esters and other carbonyl-containing groups. Also utilized in the preparation of functionalized oxetane derivatives that serve as building blocks in complex molecule assembly.