This compound is primarily utilized in organic synthesis as a key intermediate for the preparation of various pharmacologically active molecules. It serves as a building block in the development of hydrazide-based derivatives, which are explored for their potential therapeutic properties, including antimicrobial, anti-inflammatory, and anticancer activities. Additionally, it is employed in the synthesis of heterocyclic compounds, such as oxadiazoles and triazoles, which are significant in medicinal chemistry due to their diverse biological activities. Its role in the creation of novel compounds makes it valuable in drug discovery and development processes.