Used primarily in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various therapeutic agents. It is particularly significant in the development of drugs targeting metabolic disorders, such as type 2 diabetes, due to its role in creating thiazolidinedione derivatives. These derivatives function as insulin sensitizers, improving glucose uptake and utilization in peripheral tissues. Additionally, it finds application in research focused on exploring new treatments for inflammatory conditions and certain cancers, leveraging its structural properties to modulate biological pathways. Its versatility also extends to the development of novel compounds with potential antioxidant and anti-inflammatory effects, making it valuable in both medicinal chemistry and drug discovery efforts.