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. These compounds are involved in regulating glucose metabolism and are explored for their potential in treating type 2 diabetes. Also utilized in research for designing new bioactive molecules with anti-inflammatory and anticancer properties. Its structure allows for easy modification, making it valuable in medicinal chemistry for structure-activity relationship studies.