Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antifungal and anticancer agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building more complex heterocyclic compounds. It is also employed in the preparation of agrochemicals and specialty polymers due to its reactivity and ability to form stable derivatives. Additionally, it serves as a building block in the creation of ligands for catalytic processes in organic synthesis.