This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active molecules. It serves as a building block for the development of potential therapeutic agents, particularly in the creation of compounds targeting neurological disorders. Its structure is often incorporated into the design of drugs that interact with neurotransmitter systems, such as dopamine receptors, making it valuable for research into treatments for conditions like Parkinson's disease and depression. Additionally, it is explored in the synthesis of alkaloid-like compounds, which have shown promise in antimicrobial and anticancer studies. Its versatility in organic synthesis also makes it a useful reagent in the preparation of complex heterocyclic compounds for further pharmacological evaluation.