Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It plays a significant role in the development of drugs targeting neurological disorders, including potential treatments for Parkinson's disease and other neurodegenerative conditions. Additionally, it is utilized in the synthesis of agrochemicals, contributing to the creation of pesticides and herbicides that enhance crop protection. Its unique structure allows for the modification and development of novel compounds with specific biological activities, making it valuable in medicinal chemistry and agricultural research.