Used primarily in the synthesis of pharmaceuticals, this compound serves as a key intermediate in the development of various drugs. Its structure is particularly valuable in creating molecules with potential therapeutic effects, such as anti-inflammatory and anticancer agents. Additionally, it finds application in agricultural chemistry, where it is utilized in the production of pesticides and herbicides. The compound's reactivity and functional groups make it a versatile building block in organic synthesis, enabling the creation of complex chemical entities for research and industrial purposes.