This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various biologically active compounds. Its spirocyclic structure makes it valuable in the development of drug candidates targeting neurological disorders, particularly those involving serotonin receptors. It is often employed in the preparation of potential therapeutic agents for conditions like depression, anxiety, and schizophrenia. Additionally, its methoxy and carboxylate functional groups provide versatility for further chemical modifications, enabling the creation of diverse analogs for medicinal chemistry research. The compound's stability and reactivity also make it suitable for use in high-throughput screening and optimization processes in drug discovery.