This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often incorporated into the development of potential drug candidates, especially in the design of compounds that interact with neurotransmitter systems. Additionally, it is used in organic synthesis to create complex furan-based derivatives, which are explored for their therapeutic properties in drug discovery programs.