This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting inflammation and pain, particularly in the production of nonsteroidal anti-inflammatory drugs (NSAIDs) such as COX-2 inhibitors. Additionally, it is employed in research settings for the creation of novel compounds with potential therapeutic applications, especially in the fields of oncology and neurology. Its unique structure allows for modifications that can enhance drug efficacy and specificity.