Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and cannabinoid receptor modulators. Its structure supports the creation of biologically active compounds with potential in treating pain and inflammation. Also employed in agrochemicals for developing pesticides and herbicides due to its ability to enhance molecular stability and target specificity. Commonly utilized in research settings for designing new heterocyclic compounds in medicinal chemistry.