This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It serves as a key intermediate in the synthesis of various pharmacologically active molecules, particularly those targeting enzyme inhibition. Its structure is often explored for developing drugs with anti-inflammatory, antimicrobial, or anticancer properties. Researchers also investigate its derivatives for their ability to interact with specific biological targets, such as kinases or other enzymes involved in disease pathways. Additionally, it may be used in organic synthesis to create complex heterocyclic compounds with potential therapeutic applications.