This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active molecules. Its unique bicyclic structure makes it a valuable building block for the development of pharmaceutical agents, particularly those targeting neurological disorders. It is often employed in the preparation of compounds with potential therapeutic effects on the central nervous system, such as modulators of neurotransmitter activity. Additionally, its functional groups allow for further chemical modifications, enabling researchers to explore a wide range of derivatives for drug discovery and optimization. Its role in facilitating the creation of novel therapeutic candidates underscores its importance in the pharmaceutical industry.