Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antidiabetic and anti-inflammatory agents. Its structure allows for easy functionalization, making it valuable in creating heterocyclic compounds. Commonly employed in organic synthesis to build complex molecules, especially in medicinal chemistry research. Also utilized in the preparation of thiophene-based derivatives that show biological activity. Its keto and ester groups enable diverse reactions such as condensations, reductions, and cyclizations, supporting its role in drug discovery and development. Additionally, it is used in research on organic electronic materials due to its potential for developing luminescent or conductive compounds.