Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of cardiovascular and anti-inflammatory drugs. Its structure allows for selective modification, making it valuable in medicinal chemistry for creating compounds with enhanced biological activity. It is also employed in agrochemical research for designing new herbicides and plant growth regulators due to its ability to interact with specific enzyme systems. Additionally, it serves in laboratory settings as a building block for novel heterocyclic compounds in drug discovery programs.