Primarily used in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of drugs targeting neurological disorders, including anxiety and depression, due to its ability to modulate specific neurotransmitter systems. Additionally, it finds application in the research and development of anti-inflammatory and anticancer agents, where its structural framework contributes to the inhibition of certain enzymes and pathways involved in disease progression. Its versatility also extends to agrochemical research, where it aids in the creation of novel compounds for crop protection and pest management.