This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. It plays a significant role in the development of drugs targeting neurological disorders, particularly those involving the modulation of neurotransmitter systems. Additionally, its structural properties make it valuable in the design of metal-chelating agents, which are used in treatments for metal toxicity and certain metabolic diseases. In research, it serves as a building block for creating complex molecules with potential therapeutic applications, including anti-inflammatory and antimicrobial agents. Its versatility in organic synthesis also extends to the production of specialized chemicals for biochemical studies.