This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting central nervous system disorders, such as anxiety, depression, and epilepsy, due to its structural compatibility with receptors in the brain. Additionally, it is employed in research settings for the study of enzyme interactions and receptor binding mechanisms, aiding in the discovery of novel therapeutic agents. Its unique chemical structure also makes it valuable in the production of chiral compounds, which are essential for creating enantiomerically pure drugs with improved efficacy and reduced side effects.