This chemical is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical compounds. It is particularly valuable in the development of drugs targeting neurological disorders, such as Parkinson's disease and schizophrenia, due to its structural similarity to bioactive molecules that interact with dopamine receptors. Additionally, it serves as a building block in the creation of ligands for receptor binding studies, aiding in the exploration of new therapeutic pathways. Its unique structure also makes it a candidate for use in the design of organic electronic materials, contributing to advancements in optoelectronics and conductive polymers.