Used in the synthesis of pharmaceutical intermediates, particularly in the development of antidiabetic agents. It serves as a key building block in the preparation of thiazolidinedione derivatives, which act as insulin sensitizers in the treatment of type 2 diabetes. The compound's structure allows for effective binding to peroxisome proliferator-activated receptors (PPARs), enhancing glucose uptake and improving insulin resistance. It is also employed in research settings to explore new bioactive molecules with metabolic regulatory effects.