Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its functional groups enable selective derivatization for constructing complex heterocyclic compounds. Also employed in research for designing novel drug candidates targeting central nervous system disorders due to its ability to cross the blood-brain barrier. Additionally, it serves as a building block in agrochemicals for creating herbicides and plant growth regulators.