This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various pharmaceutical agents, particularly those targeting cardiovascular and neurological disorders. Its structural framework is often explored for designing molecules with potential antioxidant and anti-inflammatory properties, making it valuable in research focused on combating oxidative stress-related diseases. Additionally, derivatives of this compound are investigated for their potential anticancer activity, as they may inhibit specific enzymes or pathways involved in tumor growth. Its application extends to organic synthesis, where it is used to create complex molecules for further biological testing and drug discovery efforts.