This chemical is primarily utilized in the synthesis of various pharmaceutical compounds, particularly as an intermediate in the production of active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting specific therapeutic areas, such as cardiovascular diseases, central nervous system disorders, and inflammatory conditions. Additionally, it is employed in organic synthesis to create complex molecules with potential biological activity, aiding in the discovery and optimization of new drug candidates. Its functional groups make it a versatile building block for constructing more intricate chemical structures in medicinal chemistry research.