Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. It is particularly valuable in the development of potential therapeutic agents targeting neurological disorders, such as anxiety and depression, due to its structural similarity to compounds that interact with serotonin receptors. Additionally, it has been explored for its role in creating inhibitors for specific enzymes involved in cancer progression, making it a promising candidate in oncology drug discovery. Its versatility also extends to the study of anti-inflammatory and antimicrobial agents, highlighting its broad applicability in medicinal chemistry.