Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of antidiabetic agents. It plays a role in inhibiting specific enzymes involved in glucose metabolism, making it valuable in research for type 2 diabetes treatments. Also utilized in medicinal chemistry for structure-activity relationship studies due to its ability to interact with biological targets through hydrogen bonding and ionic interactions. Its functional groups allow for further chemical modifications, enabling the creation of derivative compounds with enhanced pharmacological properties.