Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting the central nervous system, such as antidepressants and anxiolytics, due to its structural similarity to bioactive molecules. Additionally, it is employed in research settings to study the mechanisms of enzyme inhibition and receptor binding, aiding in the discovery of new therapeutic agents. Its cyclopropane ring structure also makes it useful in the synthesis of complex organic molecules for material science applications.