Used primarily as an intermediate in organic synthesis, this compound plays a role in the preparation of pharmaceuticals and biologically active molecules. Its ionic salt structure enhances solubility and stability, making it suitable for use in formulations where pH control and bioavailability are important. It is also employed in the development of buffering systems for biochemical applications. Additionally, derivatives of this compound have been explored in the design of enzyme inhibitors and receptor ligands due to their structural similarity to neurotransmitters and coenzymes.