Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It is particularly valuable in the development of drugs targeting neurological disorders and certain types of cancers. Its structure allows for further chemical modifications, making it a versatile building block in medicinal chemistry. Additionally, it is employed in the creation of fluorescent probes and other diagnostic agents, aiding in biological studies and medical diagnostics. Its application extends to organic synthesis, where it is utilized in the preparation of complex molecules for diverse industrial and research purposes.