Used as a key intermediate in the synthesis of non-steroidal anti-inflammatory drugs (NSAIDs), particularly in the production of indomethacin and related compounds. Its structure allows for easy functionalization, making it valuable in pharmaceutical research for developing analogs with improved efficacy and reduced side effects. Also employed in the preparation of bioactive molecules targeting prostaglandin receptors. Additionally, it serves as a building block in organic synthesis for constructing fused ring systems found in various therapeutic agents.