This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. Its unique structure makes it valuable for developing drugs targeting neurological disorders, particularly those involving the modulation of neurotransmitter systems. Researchers have explored its potential in creating compounds that interact with receptors in the brain, such as those involved in pain management or cognitive enhancement. Additionally, its derivatives are being investigated for their potential anti-inflammatory and antioxidant properties, which could lead to applications in treating chronic diseases. The compound's versatility also extends to its use in organic synthesis, where it serves as a building block for more complex molecules in drug discovery and development.