Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its structure is particularly valuable in the design of drugs targeting neurological disorders, including anxiety and depression, due to its ability to interact with specific receptors in the brain. Additionally, it is explored for its potential in creating novel anti-inflammatory and antimicrobial agents. Researchers also utilize it in the development of organic light-emitting diodes (OLEDs) for electronic displays, owing to its unique electronic properties. Its versatility makes it a significant compound in both medicinal chemistry and material science.