This compound is primarily utilized in pharmaceutical research and development due to its structural properties, which make it a valuable scaffold in drug design. It is often explored for its potential in creating molecules that interact with biological targets, particularly in the central nervous system. Its derivatives are investigated for their therapeutic effects, including anti-inflammatory, antiviral, and anticancer activities. Additionally, it serves as a key intermediate in synthesizing more complex compounds for medicinal chemistry studies. Its versatility and reactivity make it a useful tool in the discovery of new drugs and bioactive agents.