This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its structural properties. It serves as a key intermediate in the production of drugs that target specific biological pathways, particularly in the development of anti-inflammatory and anticancer medications. Additionally, it is employed in agrochemical research for creating compounds that enhance crop protection by acting as herbicides or pesticides. Its unique chemical structure allows for modifications that can lead to the discovery of new active ingredients with improved efficacy and selectivity.