This chemical is primarily utilized in organic synthesis as a versatile intermediate for the preparation of more complex molecules. It is particularly valuable in the pharmaceutical industry, where it serves as a building block for the development of active pharmaceutical ingredients (APIs). Its structure, featuring both hydroxyl and carboxylate groups, allows for further functionalization, making it useful in the synthesis of heterocyclic compounds. Additionally, it finds application in the research and development of new therapeutic agents, especially in the design of compounds targeting neurological and cardiovascular diseases. Its stability and reactivity also make it suitable for use in medicinal chemistry studies aimed at optimizing drug candidates.