This compound is primarily used in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting neurological disorders, including Alzheimer's disease and other cognitive impairments. Additionally, it is utilized in the production of compounds with potential anti-inflammatory and analgesic properties, making it valuable in pain management research. Its unique structure allows it to act as a building block for creating more complex molecules with therapeutic effects.