Used primarily as a building block in organic synthesis, this compound serves as an intermediate in the development of pharmaceuticals, particularly in the design of central nervous system agents. Its structure allows for functionalization that can enhance binding to biological targets, making it valuable in drug discovery. It has been explored in the synthesis of compounds with potential anxiolytic, antidepressant, and neuroprotective activities. Additionally, its rigid framework is useful in medicinal chemistry for conformational restriction, helping improve selectivity and metabolic stability in lead compounds.