This compound is primarily utilized in the synthesis of pharmaceuticals, particularly in the development of drugs targeting neurological and cardiovascular conditions. Its structure allows it to act as a key intermediate in the production of compounds that modulate enzyme activity or receptor function. Additionally, it finds use in organic synthesis as a building block for creating complex molecules with potential therapeutic properties. In research, it is employed to study biochemical pathways and develop novel treatments for diseases. Its hydroxyl and hydroxymethyl groups make it a versatile reagent in chemical reactions, enabling the creation of diverse derivatives for further exploration.