Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors and anti-inflammatory agents. Its furan and pyrazole moieties make it valuable in medicinal chemistry for constructing bioactive molecules. It is also employed in the preparation of analogs for structure-activity relationship (SAR) studies due to its reactive hydroxymethyl group, which allows further functionalization. Additionally, it has been explored in agrochemical research for designing new crop protection agents.