Used in pharmaceutical research as a key intermediate in the synthesis of kinase inhibitors, particularly those targeting tyrosine kinases involved in cancer cell proliferation. Its structure supports binding to enzyme active sites, making it valuable in developing anticancer agents. Also explored in the design of anti-inflammatory and neuroprotective drugs due to its ability to cross the blood-brain barrier. Commonly functionalized at the hydroxyl or amine groups to enhance potency and selectivity in drug candidates.