This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. It serves as a key intermediate in the creation of molecules that target various biological pathways, including those involved in inflammation, cancer, and neurological disorders. Its structure is often modified to enhance binding affinity and selectivity for specific receptors or enzymes, making it valuable in the design of therapeutic agents. Additionally, it is employed in organic chemistry studies to explore new synthetic routes and reaction mechanisms, contributing to advancements in medicinal chemistry and drug discovery.