This compound is primarily utilized in organic synthesis as a key intermediate for the development of more complex chemical structures. It is often employed in the pharmaceutical industry for the synthesis of bioactive molecules, particularly those with potential therapeutic properties. Additionally, it serves as a building block in the creation of heterocyclic compounds, which are widely studied for their diverse biological activities. Its unique structure makes it valuable in research focused on developing new drugs, especially in the areas of anti-inflammatory, antimicrobial, and anticancer agents.