Primarily utilized in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its structural framework is particularly valuable in the development of potential therapeutic agents targeting neurological disorders, such as Parkinson's disease and depression. Additionally, it is explored for its role in creating compounds with anti-inflammatory and anticancer properties. Researchers also investigate its derivatives for their potential in modulating enzyme activity and receptor interactions, contributing to advancements in drug discovery and medicinal chemistry.