This compound is primarily utilized in pharmaceutical research and development as a key intermediate in the synthesis of various biologically active molecules. It is often employed in the creation of compounds targeting neurological disorders, particularly those involving serotonin and dopamine receptors, due to its structural compatibility with receptor-binding sites. Additionally, it serves as a building block in the preparation of potential therapeutic agents for cancer treatment, as its naphthalene moiety can interact with specific cellular targets. Its use in medicinal chemistry is also extended to the development of anti-inflammatory and antimicrobial agents, leveraging its unique chemical framework to enhance drug efficacy and selectivity.