Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anti-inflammatory and analgesic agents. Its structural features make it suitable for incorporation into compounds targeting cyclooxygenase (COX) enzymes, similar to nonsteroidal anti-inflammatory drugs (NSAIDs). Also employed in the preparation of dyes and pigments due to its conjugated system and ability to form stable colored complexes. Additionally, it serves as a reagent in organic synthesis for constructing heterocyclic compounds with potential biological activity.