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 pharmaceutical agents, particularly those targeting neurological disorders and cancer. Its structure is often incorporated into molecules designed to inhibit specific enzymes or receptors, making it valuable in drug discovery and development. Additionally, it has been explored for its antioxidant properties, which could be beneficial in developing treatments for oxidative stress-related conditions. Researchers also study its derivatives for potential applications in antimicrobial and anti-inflammatory therapies.