This compound is primarily utilized in the development of pharmaceuticals, particularly as an intermediate in the synthesis of various therapeutic agents. Its structure is valuable in creating compounds with anti-inflammatory and analgesic properties, making it significant in the production of drugs aimed at treating pain and inflammation-related conditions. Additionally, it finds application in research settings for studying enzyme inhibition mechanisms, particularly those involving cyclooxygenase enzymes, which are critical in inflammatory processes. Its role in organic synthesis also extends to the preparation of heterocyclic compounds, which are essential in medicinal chemistry for designing new drug candidates.