This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmacologically active molecules. Its structural framework is particularly valuable in the development of compounds targeting neurological disorders, including potential treatments for depression and anxiety. Additionally, it serves as a building block in the creation of novel heterocyclic compounds, which are often explored for their antimicrobial and anti-inflammatory properties. Researchers also investigate its derivatives for potential use in cancer therapy due to their ability to interact with specific biological pathways. Its versatility in organic synthesis makes it a valuable tool in drug discovery and development processes.