This compound is primarily utilized in the field of organic synthesis and medicinal chemistry due to its unique spirocyclic structure. Its application is significant in the development of novel pharmaceutical agents, particularly in the research of compounds with potential anti-inflammatory, antioxidant, and anticancer properties. The presence of the ethyl and hydroxyl groups enhances its reactivity, making it a valuable intermediate in the synthesis of more complex molecules. Additionally, its structural features allow it to interact with various biological targets, contributing to its exploration in drug discovery and therapeutic applications.