This compound is primarily used in pharmaceutical research as a key intermediate in the synthesis of nonsteroidal anti-inflammatory drugs (NSAIDs). Its structure is particularly valuable in developing compounds that target cyclooxygenase enzymes, which play a role in inflammation and pain. Researchers utilize it to create derivatives with improved efficacy and reduced side effects for treating conditions like arthritis and other inflammatory disorders. Additionally, its unique chemical framework makes it a candidate for studying novel therapeutic agents in drug discovery programs.