This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various biologically active compounds. Its structure is particularly valuable in the development of drugs targeting central nervous system disorders, including potential treatments for anxiety, depression, and insomnia. Additionally, it serves as a building block in the creation of molecules with potential anticancer properties, contributing to ongoing research in oncology. Its role in medicinal chemistry is significant due to its ability to interact with specific receptors and enzymes, making it a crucial component in the design of novel therapeutic agents.