This compound is primarily utilized in the field of organic synthesis, where it serves as a key intermediate in the production of various pharmaceuticals. It is particularly significant in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and other therapeutic agents targeting inflammatory pathways. Additionally, its structure makes it a valuable building block for creating more complex molecules in medicinal chemistry research. The compound is also explored in the study of enzyme inhibitors, contributing to advancements in drug discovery and biochemical studies.