This compound is primarily utilized in the synthesis of pharmaceutical intermediates. It serves as a key building block in the development of various drugs, particularly those targeting neurological and inflammatory conditions. The benzyloxy and hydroxyl groups present in the structure make it a versatile reagent for further chemical modifications, enabling the creation of complex molecules with potential therapeutic effects. Additionally, it is employed in research settings for studying enzyme inhibition and receptor binding activities, contributing to the discovery of new drug candidates. Its stability and reactivity also make it suitable for use in organic synthesis, particularly in the preparation of heterocyclic compounds.