This chemical is primarily used in the synthesis of pharmaceutical compounds, particularly in the development of active pharmaceutical ingredients (APIs). It serves as an intermediate in the production of drugs targeting neurological disorders, such as Alzheimer's disease, due to its structural properties that allow it to interact with specific biological pathways. Additionally, it is utilized in the preparation of compounds for cancer research, where its derivatives are studied for their potential to inhibit tumor growth. The chemical's stability and reactivity make it a valuable building block in organic synthesis, enabling the creation of complex molecules with therapeutic applications.