This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of biologically active molecules. It serves as a key intermediate in the production of compounds that target neurological disorders, such as anxiety and depression, due to its structural similarity to molecules that interact with neurotransmitter systems. Additionally, it is explored in the creation of potential therapeutic agents for cardiovascular diseases, as its derivatives have shown promise in modulating relevant biological pathways. Its application extends to organic chemistry, where it is used in the preparation of complex heterocyclic compounds for further pharmacological evaluation.