Primarily utilized in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various bioactive molecules. It is often employed in the creation of potential drug candidates targeting neurological disorders, owing to its structural compatibility with receptors in the central nervous system. Additionally, it finds application in the development of ligands for studying enzyme interactions and receptor binding activities. Its versatility also extends to organic synthesis, where it is used to construct complex heterocyclic frameworks essential for medicinal chemistry and material science applications.