This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and psychiatric disorders. Its structural features make it valuable for studying enzyme interactions and receptor binding, aiding in the design of new therapeutic agents. Additionally, it is employed in peptide chemistry to explore modifications that enhance stability and bioavailability of peptide-based drugs. Its application extends to the development of fluorescent probes for biochemical assays, enabling detailed investigation of cellular processes.