This chemical is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active compounds. It serves as a building block for the development of potential pharmaceutical agents, particularly those targeting diseases related to the central nervous system. Its structure is often incorporated into molecules designed to interact with specific receptors or enzymes, making it valuable in drug discovery and development. Additionally, it has been explored in the creation of fluorescent probes and sensors due to its unique chemical properties, which allow for applications in biochemical research and diagnostics.