This compound is primarily utilized in the field of medicinal chemistry, where it serves as a key intermediate in the synthesis of various pharmaceutical agents. Its structure is particularly valuable in the development of compounds targeting neurological disorders, as it can be modified to interact with specific receptors in the brain. Additionally, it is employed in the creation of molecules with potential anti-inflammatory and antioxidant properties, making it a versatile building block in drug discovery. Its hydroxyl and hydroxymethyl groups allow for further chemical modifications, enabling the design of more complex and targeted therapeutic agents.