This compound is primarily utilized in the field of medicinal chemistry, where it serves as a key intermediate in the synthesis of various pharmaceutical agents. Its structure is particularly valuable in the development of compounds with potential therapeutic effects, such as anti-inflammatory, analgesic, and neuroprotective properties. Researchers explore its derivatives for their ability to modulate biological pathways, making it a significant focus in drug discovery and development. Additionally, its application extends to biochemical research, where it is used to study enzyme interactions and receptor binding mechanisms, aiding in the understanding of complex biological processes.