This chemical is widely used in the pharmaceutical industry as a key intermediate in the synthesis of various drugs, particularly those targeting central nervous system disorders. It serves as a building block for creating compounds with potential therapeutic effects, such as anti-inflammatory and neuroprotective agents. Additionally, it is utilized in the development of chelating agents for metal ions, which are important in medical imaging and treatment of metal toxicity. In organic chemistry research, it acts as a versatile reagent for constructing complex molecular structures. Its hydroxyl and hydroxymethyl groups make it valuable for modifying and functionalizing other compounds in synthetic processes.