Primarily utilized in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the development of drugs targeting central nervous system disorders, including anxiety and depression, due to its ability to interact with specific neurotransmitter receptors. Additionally, it is explored in the creation of anti-inflammatory and anticancer agents, leveraging its potential to modulate cellular pathways. The compound's versatility also extends to material science, where it is investigated for use in organic electronic devices due to its unique electronic properties.