This chemical is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active compounds, particularly those targeting neurological and psychiatric disorders. Its structure is often incorporated into molecules designed to interact with specific receptors in the brain, making it valuable for creating potential treatments for conditions like depression, anxiety, and schizophrenia. Additionally, it is used in the development of novel drugs due to its ability to modulate enzyme activity and influence cellular pathways. Researchers also explore its potential in designing fluorescent probes for biochemical studies, aiding in the visualization and understanding of complex biological processes.