This compound is primarily utilized in pharmaceutical research and development due to its potential biological activity. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and psychiatric disorders. Researchers explore its application in creating compounds that may influence serotonin receptors, which are crucial in treating conditions like depression and anxiety. Additionally, it is investigated for its role in developing anti-inflammatory and antioxidant agents, contributing to advancements in therapeutic drug design. Its structural properties make it a valuable building block in organic synthesis for creating complex molecules with potential medicinal benefits.