This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. It serves as a key intermediate in the creation of molecules with potential therapeutic applications, especially in the field of central nervous system (CNS) disorders. Its structure is often explored for designing compounds that may exhibit anxiolytic, antipsychotic, or sedative properties. Additionally, it is investigated for its role in modulating specific receptors or enzymes that are targets for treating neurological conditions. Researchers also study its derivatives for their potential antibacterial or antifungal activities, making it a versatile building block in medicinal chemistry.