This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. Its structure makes it a valuable intermediate in the creation of molecules with potential therapeutic effects, such as anti-inflammatory or anticancer agents. Researchers often explore its derivatives for their biological activity and efficacy in targeting specific enzymes or receptors. Additionally, it may be employed in organic chemistry studies to investigate reaction mechanisms or as a building block for more complex chemical structures. Its applications are largely confined to laboratory settings, where it contributes to advancements in medicinal chemistry and drug discovery.