This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting enzyme inhibition. Its structure is often modified to develop potential therapeutic agents, especially in the study of anticancer and anti-inflammatory drugs. Additionally, it is explored for its role in the development of novel compounds with potential applications in treating neurological disorders. Researchers also investigate its derivatives for their potential to act as inhibitors in specific biochemical pathways, making it a valuable scaffold in drug discovery and development.