This compound is primarily utilized in the field of medicinal chemistry for the development of pharmaceutical agents. It serves as a key intermediate in the synthesis of various benzimidazole derivatives, which are known for their broad spectrum of biological activities. These derivatives are often explored for their potential as anti-inflammatory, anticancer, and antimicrobial agents. Additionally, the compound is investigated for its role in inhibiting specific enzymes or proteins that are implicated in disease pathways, making it valuable in drug discovery and development processes. Its structural framework is also studied for optimizing drug properties such as efficacy, selectivity, and pharmacokinetics.