This chemical is primarily utilized in the synthesis of various pharmaceutical compounds, particularly those targeting neurological disorders. It serves as a key intermediate in the production of drugs that modulate neurotransmitter activity, offering potential therapeutic benefits for conditions like depression and anxiety. Additionally, it is employed in the development of chelating agents, which are used to bind and remove heavy metals from biological systems, making it valuable in detoxification processes. Its structural properties also make it suitable for use in organic synthesis, where it acts as a building block for more complex molecules in research and industrial applications.