This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting neurological and cardiovascular conditions. It serves as a key intermediate in the production of imidazole derivatives, which are known for their bioactivity and therapeutic potential. Additionally, it is employed in the development of antifungal and antibacterial agents due to the imidazole ring's ability to interact with microbial enzymes. In research, it is used to study enzyme inhibition and receptor binding mechanisms, aiding in drug discovery. Its ester group also makes it a valuable building block for organic synthesis, particularly in creating complex molecules for medicinal chemistry.