Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of antidiabetic drugs. It serves as a building block for glitazone-class compounds, which act as insulin sensitizers in the treatment of type 2 diabetes. Its structure allows for effective binding to peroxisome proliferator-activated receptors (PPARs), enhancing glucose uptake and improving metabolic regulation. Additionally, it finds use in medicinal chemistry research for designing new heterocyclic compounds with potential biological activity.