Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the development of potential therapeutic agents targeting central nervous system disorders, such as anxiety and depression, due to its structural similarity to compounds that interact with neurotransmitter receptors. Additionally, it is employed in the creation of ligands for receptor binding studies, aiding in the understanding of biochemical pathways and drug-receptor interactions. Its versatility also extends to the synthesis of novel compounds with potential antimicrobial or anticancer properties, making it a valuable tool in medicinal chemistry.