This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmacologically active molecules. Its structure is often incorporated into the development of drugs targeting central nervous system disorders, particularly those related to anxiety and sleep regulation. Additionally, it serves as a building block in the creation of compounds with potential anti-inflammatory and antimicrobial properties. Researchers also explore its derivatives for their potential in treating neurodegenerative diseases, making it a versatile component in drug discovery and development.