This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various biologically active molecules. It plays a crucial role in the development of drugs targeting central nervous system disorders, including anxiety and depression, due to its structural similarity to compounds that interact with neurotransmitter receptors. Additionally, it is employed in the production of compounds with potential anti-inflammatory and analgesic properties, making it valuable in the creation of new therapeutic agents for pain management. Its versatility also extends to research applications, where it is used to study enzyme interactions and receptor binding mechanisms.