This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a significant role in the production of compounds that exhibit antiplatelet and antithrombotic properties, making it valuable in the development of medications aimed at preventing blood clots and related cardiovascular conditions. Additionally, its structural framework is explored in research for designing novel therapeutic agents targeting neurological disorders and other medical conditions. Its versatility in organic synthesis also makes it a useful building block for creating complex molecules in medicinal chemistry.