This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. It plays a significant role in the development of calcium channel blockers, which are essential for treating cardiovascular conditions such as hypertension and angina. Additionally, its structural framework is valuable in designing molecules with potential anti-inflammatory and analgesic properties. Researchers also explore its derivatives for their potential in targeting neurological disorders, making it a versatile component in drug discovery and development.