This compound is primarily utilized in the synthesis of pharmaceuticals, particularly as an intermediate in the production of nonsteroidal anti-inflammatory drugs (NSAIDs). Its structure is key in developing molecules that exhibit anti-inflammatory and analgesic properties, making it valuable in treating conditions like arthritis and pain management. Additionally, it finds application in organic synthesis for creating complex molecules due to its functional groups, which allow for further chemical modifications. Its role in research and development of new therapeutic agents is also noteworthy, as it contributes to the exploration of novel drug candidates.