Used in organic synthesis as an intermediate for pharmaceuticals, particularly in the development of antidiabetic agents. Its structure supports conjugation with other bioactive molecules, enhancing drug delivery and activity. Also employed in research for designing peroxisome proliferator-activated receptor (PPAR) modulators due to its functional groups that interact with biological targets. Additionally, it serves as a building block in the preparation of thiazolidinedione derivatives, which are known for insulin-sensitizing effects.