This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its unique structure, which allows it to act as a versatile intermediate in organic synthesis. It is particularly valuable in the development of drugs that target specific enzymes or receptors, where its mercapto and carboxylate groups can be modified to enhance binding affinity and selectivity. Additionally, it finds application in the preparation of heterocyclic compounds, which are crucial in medicinal chemistry for creating molecules with potential therapeutic effects. Its use extends to research settings where it serves as a building block for constructing complex molecules in the pursuit of new drug candidates.