Used in organic synthesis as an intermediate for pharmaceuticals and biologically active compounds. Serves as a building block in the preparation of imidazole-containing derivatives, which are important in the development of antifungal agents, anticancer drugs, and kinase inhibitors. Also employed in materials science for constructing functionalized aromatic systems with potential applications in coordination chemistry and catalysis. Its ester and imidazole functionalities allow for further chemical modifications, making it valuable in medicinal chemistry research.