Used as a key intermediate in the synthesis of antidiabetic agents, particularly in the development of thiazolidinedione-class drugs that target insulin resistance in type 2 diabetes. Its structure supports binding to peroxisome proliferator-activated receptor gamma (PPAR-γ), enhancing insulin sensitivity. Also investigated for anti-inflammatory and anticancer properties due to its ability to modulate cellular signaling pathways. Employed in medicinal chemistry research to design new derivatives with improved efficacy and reduced side effects.