This compound is primarily utilized in the synthesis of various pharmaceuticals due to its structural properties, which make it a valuable intermediate in drug development. It is often employed in the creation of compounds with potential therapeutic effects, particularly in the fields of neurology and oncology. Additionally, its furan ring structure allows it to be a key component in the production of heterocyclic compounds, which are crucial in medicinal chemistry. The compound's ability to act as a building block for more complex molecules makes it significant in research and industrial applications focused on discovering new drugs and treatments.