Used in pharmaceutical research as a key scaffold for developing antidiabetic agents due to its structural similarity to thiazolidinediones, a class of insulin sensitizers. It serves as an intermediate in synthesizing compounds that target peroxisome proliferator-activated receptor gamma (PPARγ), which regulates glucose and lipid metabolism. Additionally, derivatives of this compound are explored for their antioxidant and anti-inflammatory properties, making them candidates for treating metabolic disorders and neurodegenerative diseases. Its (Z)-configuration is critical for biological activity, influencing binding affinity and potency in drug design.