Used as a key intermediate in the synthesis of antiviral and antiparkinsonian drugs, particularly in the preparation of adamantane-based derivatives like memantine and rimantadine. Its rigid adamantane structure enhances blood-brain barrier penetration, making it valuable in central nervous system-targeted therapeutics. Also employed in the development of catalysts and chiral reagents for asymmetric synthesis due to the stability and steric bulk of the adamantyl group.