Used as a key intermediate in the synthesis of various biologically active compounds, particularly in the development of antitumor and antimicrobial agents. Its structure allows for easy modification, making it valuable in medicinal chemistry for designing new drug candidates. It is also employed in coordination chemistry as a ligand to form metal complexes with potential catalytic or pharmacological properties. Additionally, it finds use in the preparation of heterocyclic compounds that exhibit antiviral and anti-inflammatory activities.