This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel therapeutic agents. Its unique structure makes it a valuable intermediate in the creation of compounds targeting neurological disorders, including cognitive impairments and neurodegenerative diseases. Additionally, it is explored for its potential in designing drugs with anti-inflammatory and antioxidant properties, which could be beneficial in treating conditions like arthritis or oxidative stress-related illnesses. Its application extends to the field of organic chemistry, where it serves as a building block for complex molecular frameworks in drug discovery and material science.