Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). Its structure is particularly valuable in the creation of furan-based derivatives, which are explored for their potential therapeutic properties. Additionally, it finds application in organic synthesis, where it is utilized to build complex molecules due to its reactive functional groups. Researchers also employ it in the study of enzyme inhibition and receptor binding, aiding in the discovery of new drug candidates. Its role in medicinal chemistry highlights its importance in advancing drug discovery and development processes.