Used as a key intermediate in the synthesis of pharmaceuticals and biologically active compounds. Its structure allows for further functionalization, making it valuable in creating heterocyclic compounds, particularly those involving thiophene derivatives. Commonly employed in the development of anti-inflammatory, antimicrobial, and antitumor agents. Also utilized in organic synthesis to build complex molecules through reactions at the ketone and ester functional groups. Serves as a building block in the preparation of specialty chemicals and agrochemicals.