Used in the synthesis of pharmaceutical agents, particularly as an intermediate in developing antidiabetic drugs. It serves as a building block for thiazolidinedione derivatives, which act as insulin sensitizers in the treatment of type 2 diabetes. Its structure supports binding to peroxisome proliferator-activated receptors (PPARs), especially PPARγ, modulating glucose and lipid metabolism. Also explored in medicinal chemistry for anti-inflammatory and anticancer applications due to its ability to influence cell signaling pathways.