This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various bioactive molecules. Its structure is particularly valuable in the development of drugs targeting neurological disorders, including Parkinson's disease and anxiety. Additionally, it serves as a building block in the creation of compounds with potential anti-inflammatory and anticancer properties. Researchers also explore its use in designing novel enzyme inhibitors, which can be applied in treating metabolic diseases. Its versatility in medicinal chemistry makes it a significant component in drug discovery and development processes.