Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) with anti-inflammatory and analgesic properties. Its structure supports the construction of more complex heterocyclic systems commonly found in modern drug candidates. It is also employed in agrochemical research for designing novel pesticides and herbicides due to its ability to modulate biological activity in target organisms. The compound's ester functionality allows for easy modification, making it valuable in medicinal chemistry for structure-activity relationship (SAR) studies.