This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various bioactive molecules. It plays a significant role in the development of drugs targeting neurological disorders, particularly those involving the modulation of neurotransmitter systems. Its structural features make it valuable for creating compounds with potential antipsychotic or antidepressant properties. Additionally, it is employed in the preparation of small molecule inhibitors that target specific enzymes or receptors, contributing to the advancement of treatments for conditions like cancer or inflammatory diseases. Researchers also use it in medicinal chemistry to explore novel therapeutic agents due to its versatile reactivity and ability to form stable derivatives.