This chemical is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical compounds. Its unique bicyclic structure makes it valuable for developing drugs that target the central nervous system, particularly in the treatment of neurological disorders such as Parkinson's disease and schizophrenia. Additionally, it serves as a building block for creating compounds with potential analgesic and anti-inflammatory properties. Researchers also explore its use in designing molecules for studying receptor interactions and developing novel therapeutic agents.