Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of anticancer and antimicrobial agents due to its structural framework, which can be modified to enhance therapeutic properties. Additionally, it finds application in organic synthesis for constructing complex heterocyclic compounds, which are crucial in drug discovery and material science. Its role in creating inhibitors for specific enzymes also makes it significant in biochemical studies.