This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting metabolic disorders. Its structure is often explored for designing inhibitors of enzymes like aldose reductase, which plays a role in diabetic complications. Additionally, it is investigated for its potential anti-inflammatory and antioxidant properties, making it a candidate for developing therapeutic agents for chronic diseases. Researchers also study its derivatives for their efficacy in cancer treatment, focusing on their ability to induce apoptosis in cancer cells.