This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a significant role in the development of drugs targeting neurological disorders, particularly those related to cognitive enhancement and memory improvement. Additionally, it is employed in the production of nootropic agents, which are substances designed to boost brain function, including learning, focus, and mental clarity. Its structural properties make it a valuable building block in organic synthesis, contributing to the creation of complex molecules with therapeutic potential.