This compound is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules. Its structural framework is particularly valuable in the synthesis of flavonoid derivatives, which are known for their antioxidant, anti-inflammatory, and anticancer properties. Researchers often employ it to design and create novel compounds with potential therapeutic applications. Additionally, it is used in studies exploring structure-activity relationships to optimize the efficacy of drug candidates. Its role in medicinal chemistry makes it a significant compound for advancing drug discovery and development.