This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and cardiovascular disorders. Its structure is often modified to create derivatives that can interact with specific receptors or enzymes, aiding in the discovery of new therapeutic agents. Additionally, it is explored in the development of drugs with potential anti-inflammatory or analgesic properties, making it a valuable component in medicinal chemistry.