Used primarily in the synthesis of pharmaceuticals, this compound serves as an intermediate in the production of various drugs, particularly those targeting the central nervous system. Its structure allows for modifications that can lead to the development of compounds with potential antidepressant or anxiolytic properties. Additionally, it is utilized in research settings to study the biochemical pathways and receptor interactions that influence neurological functions. Its application extends to the creation of agrochemicals, where it may be incorporated into formulations designed to protect crops from pests or diseases. The compound's versatility in chemical reactions makes it valuable for creating diverse derivatives with specific biological activities.