This compound is primarily utilized in the synthesis of various pharmaceuticals due to its imidazole ring, which is a common structural motif in many bioactive molecules. It serves as a key intermediate in the production of antifungal and antibacterial agents, leveraging its ability to interact with biological targets effectively. Additionally, it is employed in the development of coordination complexes for catalytic applications, particularly in organic transformations. Its hydroxyl group also makes it a versatile building block for further chemical modifications, enabling the creation of more complex molecules for research and industrial purposes.