This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the development of pharmaceutical agents targeting neurological disorders, such as Alzheimer's disease and Parkinson's disease, due to its potential to interact with specific receptors in the brain. Additionally, it serves as a building block in the creation of heterocyclic compounds, which are essential in the design of drugs with anti-inflammatory, anticancer, and antimicrobial properties. Researchers also explore its use in organic synthesis to develop novel compounds with potential therapeutic applications.