This chemical is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of bioactive compounds, particularly those targeting neurological and anticancer applications. Its unique structure allows it to participate in various chemical reactions, making it valuable for creating complex molecules. Additionally, it is explored in the study of enzyme inhibition and as a potential precursor for designing novel therapeutic agents. Its iodine component also makes it useful in radiolabeling studies for tracking and imaging purposes in medical research.