This chemical is primarily utilized in the field of organic synthesis as a key intermediate for the development of various pharmaceutical compounds. It plays a crucial role in the construction of heterocyclic structures, which are often found in drugs targeting neurological and cardiovascular diseases. Additionally, it is employed in the synthesis of bioactive molecules that exhibit potential anti-inflammatory, antimicrobial, and anticancer properties. Its unique structure allows for further functionalization, making it a versatile building block in medicinal chemistry research.