Used primarily in pharmaceutical research, it serves as a key intermediate in the synthesis of various bioactive compounds. Its structure is valuable in developing drugs targeting neurological disorders, particularly those involving the central nervous system. Additionally, it is employed in organic synthesis to create complex molecules for medicinal chemistry studies. The compound's reactivity makes it useful in constructing heterocyclic frameworks, which are essential in drug discovery. It also finds application in the development of fluorescent probes for biological imaging, aiding in the study of cellular processes.