Used in organic synthesis as a versatile building block for creating complex molecules, particularly in the production of pharmaceuticals and agrochemicals. It serves as a key intermediate in the synthesis of heterocyclic compounds, which are essential in drug development. Additionally, it is employed in the preparation of fine chemicals and specialty materials, where its reactive alkyne and ester groups enable diverse chemical transformations. Its applications also extend to research and development in medicinal chemistry, aiding in the discovery of new bioactive compounds.