This compound is primarily utilized in the pharmaceutical and cosmetic industries due to its bioactive properties. In pharmaceuticals, it serves as an intermediate in the synthesis of various drugs, particularly those targeting neurological and cardiovascular conditions. Its role in enhancing the delivery and efficacy of active pharmaceutical ingredients makes it valuable in drug formulation. In cosmetics, it is incorporated into skincare products for its potential to improve skin texture and provide soothing effects. Additionally, it is explored in research for its applications in developing novel therapeutic agents and biomaterials.