Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its structure is particularly valuable in the development of drugs targeting neurological disorders, such as anxiety and depression, due to its ability to interact with specific receptors in the brain. Additionally, it is explored for its potential in creating anti-inflammatory and antimicrobial agents. Researchers also investigate its role in designing fluorescent probes for biochemical studies, leveraging its unique chemical properties for imaging and diagnostic applications.