This compound is utilized in the synthesis of various pharmaceutical agents, particularly in the development of drugs targeting neurological disorders. It serves as a key intermediate in the production of compounds that exhibit neuroprotective properties. Additionally, it is employed in the preparation of ligands for metal coordination complexes, which are used in catalytic processes and materials science. Its hydroxyl and hydroxymethyl groups make it a versatile building block in organic synthesis, enabling the creation of diverse chemical structures with potential applications in medicinal chemistry and industrial processes.