This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of pharmaceuticals targeting neurological disorders, including Alzheimer's disease and other cognitive impairments. Its structure allows it to act as a ligand, binding to specific receptors in the brain, which can modulate neurotransmitter activity and potentially improve cognitive function. Additionally, it is explored in the creation of anti-inflammatory and analgesic agents, offering potential therapeutic benefits for conditions involving chronic pain or inflammation. Its versatility in drug design makes it a significant component in the development of novel therapeutic agents.