This compound is primarily utilized in the field of organic synthesis, particularly as a key intermediate in the production of complex pharmaceutical compounds. Its bicyclic structure and functional groups make it a valuable building block for the development of drugs targeting neurological disorders, including those affecting the central nervous system. Additionally, it is employed in the synthesis of bioactive molecules with potential applications in treating conditions like anxiety, depression, and chronic pain. Its role in facilitating the creation of structurally diverse compounds underscores its importance in medicinal chemistry research.