This compound is primarily utilized in pharmaceutical research and development as a key intermediate in the synthesis of various biologically active molecules. It is particularly significant in the creation of compounds that exhibit potential therapeutic effects, such as anti-inflammatory, antimicrobial, and anticancer properties. Its structural framework makes it a valuable building block for designing drugs that target specific enzymes or receptors in the body. Additionally, it is employed in the development of diagnostic agents and in the study of biochemical pathways to better understand disease mechanisms. Its versatility in organic synthesis also allows for its use in the production of specialized chemicals for industrial applications, including dyes and polymers.