Used in pharmaceutical research as a key intermediate in the synthesis of biologically active compounds, particularly in the development of central nervous system agents. Shows potential in the design of ligands targeting neurological receptors due to its structural compatibility with brain-targeted drugs. Also employed in the preparation of novel derivatives for screening antiviral and anti-inflammatory activities. Its hydroxyl and heterocyclic groups allow for easy functionalization, making it valuable in medicinal chemistry for structure-activity relationship studies.