This chemical is primarily utilized in organic synthesis as a key intermediate for the production of various pharmaceutical compounds. It plays a significant role in the development of active pharmaceutical ingredients (APIs), particularly in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs) and other therapeutic agents. Its structure allows for versatile chemical modifications, making it valuable in creating complex molecules with potential biological activity. Additionally, it is employed in research settings to explore new drug candidates and study reaction mechanisms in medicinal chemistry.