Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its structure is particularly valuable in the creation of compounds targeting neurological disorders, such as Alzheimer's and Parkinson's diseases, due to its ability to modulate specific enzyme activities. Additionally, it is employed in the development of potential anticancer agents, where its derivatives show promise in inhibiting tumor growth. The compound is also explored in the field of organic synthesis for constructing complex heterocyclic frameworks, which are essential in drug discovery and medicinal chemistry.