This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of more complex molecules. Its structure, featuring both hydroxyl and carboxylate groups, makes it a versatile building block for the synthesis of various pharmaceuticals, particularly those targeting neurological and cardiovascular diseases. The stereochemistry of the compound is crucial, as it allows for the creation of enantiomerically pure drugs, which are often more effective and have fewer side effects. Additionally, it is used in the development of peptidomimetics, which are compounds that mimic the structure and function of peptides, playing a significant role in drug discovery and the study of biological processes.