Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of beta-keto ester derivatives that serve as building blocks for active drug substances. Its structure allows for easy functionalization, making it valuable in creating heterocyclic compounds and fine chemicals. Commonly employed in research and development for new medicinal agents, especially in the design of anti-inflammatory and antidiabetic drugs. Also utilized in agrochemical synthesis for developing novel pesticides and plant growth regulators due to its reactivity and stability in various reaction conditions.