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 a hydroxyl group and an alkyne, makes it valuable for constructing biologically active compounds, particularly in pharmaceutical research. It is often employed in the synthesis of drug candidates targeting various diseases, including cancer and inflammatory conditions. Additionally, its unique functional groups allow for further chemical modifications, enabling the creation of diverse derivatives for use in medicinal chemistry and material science.