This compound is primarily utilized in pharmaceutical research and development as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the creation of compounds that target specific enzymes or receptors, making it a crucial component in drug discovery efforts. Additionally, it is employed in the preparation of heterocyclic compounds, which are often explored for their potential therapeutic applications, including anti-inflammatory, antiviral, and anticancer properties. Its versatility in organic synthesis also makes it a useful building block for designing novel chemical entities in medicinal chemistry.