This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various therapeutic agents. It plays a significant role in the development of drugs targeting central nervous system disorders, particularly those related to cognitive enhancement and neuroprotection. Its structural properties make it a valuable component in the creation of compounds that modulate neurotransmitter activity, aiding in the treatment of conditions like Alzheimer's disease and other forms of dementia. Additionally, it is explored for its potential in anti-inflammatory and analgesic applications, contributing to the development of pain management medications. Its versatility in drug design underscores its importance in advancing modern medicinal chemistry.