Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of selective enzyme inhibitors and receptor modulators. Its structure supports derivatization for use in drug discovery, especially in creating analogs with anti-inflammatory, antiviral, or anticancer activity. The carboxylic acid and hydroxyl functional groups allow for easy modification, enabling the formation of esters, amides, and ethers to optimize pharmacokinetic properties. Also employed in the preparation of heterocyclic compounds for materials science applications, such as organic semiconductors and fluorescent probes, due to the electron-rich thiophene core.