This chemical is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the preparation of various biologically active compounds, particularly those targeting neurological and cardiovascular systems. Its structure is valuable for constructing benzimidazole derivatives, which are known for their therapeutic properties, including anti-inflammatory, antiviral, and anticancer activities. Additionally, it is employed in the development of small molecule inhibitors and receptor modulators, making it significant in drug discovery and medicinal chemistry.