This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological disorders. Its structure is often incorporated into compounds designed to modulate receptors or enzymes in the central nervous system, making it valuable for researching potential treatments for conditions like Parkinson's disease, schizophrenia, and depression. Additionally, it is explored for its potential in developing kinase inhibitors, which are significant in cancer therapy. Its versatility in chemical modifications allows researchers to optimize pharmacological properties for specific therapeutic applications.