This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It serves as a key intermediate in the synthesis of various pharmacologically active molecules, particularly those targeting neurological disorders. Its structure is often incorporated into compounds designed to interact with specific receptors or enzymes in the central nervous system, making it valuable for developing treatments for conditions like Parkinson's disease or Alzheimer's disease. Additionally, it is explored for its potential antimicrobial and anticancer properties, contributing to the development of novel therapeutic agents. Researchers also investigate its role in creating fluorescent probes for biochemical studies, aiding in the visualization of cellular processes.