This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological disorders. Its structure is often incorporated into the development of potential drugs for conditions like Alzheimer's disease and other cognitive impairments. Additionally, it is explored in the design of ligands for receptor binding studies, aiding in the understanding of complex biochemical pathways. Its versatility also extends to organic synthesis, where it is used to create novel compounds with potential therapeutic applications.