This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in the pharmaceutical industry. It serves as a key intermediate in the production of various therapeutic agents, including anti-inflammatory and anticancer drugs. Its unique structure allows it to act as a building block for developing molecules with specific biological activities. Additionally, it is employed in research settings for studying chemical reactions and mechanisms, aiding in the discovery of new drug candidates. Its stability and reactivity make it a valuable component in organic synthesis and medicinal chemistry.