This chemical is primarily utilized in organic synthesis as a versatile intermediate. It is particularly valuable in the preparation of complex molecules, including pharmaceuticals and agrochemicals. Its structure, featuring both a hydroxyl group and an ester moiety, allows it to participate in various chemical reactions, such as esterification, oxidation, and reduction. Additionally, it can serve as a building block in the synthesis of heterocyclic compounds, which are often key components in drug development. Its stability and reactivity make it a useful tool in medicinal chemistry for creating biologically active compounds.