Used primarily as an intermediate in organic synthesis, this compound serves in the development of pharmaceuticals, particularly in the construction of heterocyclic frameworks found in bioactive molecules. Its structure supports ring transformations and functionalization useful in drug discovery. It has been explored in the synthesis of central nervous system agents and anti-inflammatory compounds due to its ability to mimic pharmacophores in medicinal chemistry. Additionally, it acts as a building block in the preparation of fused thiophene derivatives, which show potential in materials science, including organic semiconductors and fluorescent probes.