Used primarily in pharmaceutical research, this compound serves as an intermediate in the synthesis of various drugs, particularly those targeting neurological and cardiovascular conditions. Its structure allows for modifications that can enhance drug efficacy and selectivity. Additionally, it finds application in the development of diagnostic agents, aiding in the identification and study of specific biochemical pathways. In organic chemistry, it is employed as a building block for creating complex molecules, contributing to advancements in medicinal chemistry and drug discovery.