Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and COX-2 inhibitors. It serves as a building block in agrochemicals for creating herbicides and fungicides due to its ability to enhance bioactivity. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for designing new drug candidates. Also employed in coordination chemistry as a ligand for metal complexes with potential catalytic or biological activity.