This compound is primarily utilized in pharmaceutical research as a key intermediate in the synthesis of biologically active molecules. Its structure is particularly valuable in the development of potential therapeutic agents targeting neurological disorders, including Alzheimer's disease and other cognitive impairments, as well as anti-cancer and anti-viral applications. Researchers explore its derivatives for their ability to modulate specific receptors or enzymes in the brain, inhibit certain pathways involved in tumor growth, and potentially counter specific viral infections. Its versatility in medicinal chemistry makes it a significant compound for drug discovery and development efforts.