This compound is primarily utilized in the field of medicinal chemistry as an intermediate in the synthesis of various pharmacologically active molecules. It is particularly significant in the development of compounds targeting the central nervous system, where its structure can be modified to enhance binding affinity to specific receptors. Additionally, it serves as a key building block in the creation of potential therapeutic agents for neurological disorders, such as Alzheimer's disease and Parkinson's disease. Its versatility also extends to its use in organic synthesis, where it can be employed to construct complex molecular frameworks for further chemical exploration and drug discovery.