This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of biologically active molecules. It is particularly valuable in the development of pharmaceutical agents targeting neurological disorders, such as Parkinson's disease and Alzheimer's disease, due to its structural similarity to compounds that interact with central nervous system receptors. Additionally, it serves as a building block in the creation of novel heterocyclic compounds, which are often explored for their potential therapeutic properties, including anti-inflammatory, antimicrobial, and anticancer activities. Its unique structure allows for further chemical modifications, making it a versatile component in drug discovery and development processes.