Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of kinase inhibitors for targeted cancer therapies. Its nitrile and hydroxyl functional groups allow for selective modifications, enabling the creation of structurally diverse compounds with high biological activity. It is also employed in the preparation of neuroprotective agents and anti-inflammatory drugs due to its ability to cross the blood-brain barrier and modulate cellular signaling pathways. Additionally, it serves as a building block in combinatorial chemistry for high-throughput screening in drug discovery.