This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting neurological disorders, including Alzheimer's disease and other cognitive impairments. Additionally, it is employed in the creation of compounds that exhibit potential antitumor activity, making it valuable in cancer research and drug development. Its unique structure allows for the modification and enhancement of drug molecules, improving their efficacy and selectivity in therapeutic applications.