Used primarily in pharmaceutical research and development, this compound serves as a key intermediate in the synthesis of various drugs, particularly those targeting neurological and psychiatric disorders. Its structure allows for the creation of complex molecules that can interact with specific receptors in the brain, making it valuable in the design of potential treatments for conditions like depression, anxiety, and schizophrenia. Additionally, it finds application in organic synthesis, where it is utilized to construct more complex heterocyclic compounds, often employed in the development of agrochemicals and dyes. Its versatility in chemical reactions makes it a useful building block in medicinal chemistry and material science.