This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting enzyme inhibition or receptor modulation. Its structure, featuring both phenyl and propargyl groups, makes it a versatile building block for constructing more complex chemical entities. Researchers often employ it in the synthesis of potential therapeutic agents, including anti-cancer and anti-inflammatory drugs. Additionally, it has been explored in the development of novel materials and polymers due to its reactive functional groups, which can participate in click chemistry reactions. Its application in medicinal chemistry is particularly notable, as it contributes to the discovery of new drug candidates with enhanced efficacy and specificity.