This compound is primarily used in the pharmaceutical industry as a key intermediate in the synthesis of various drugs. It plays a significant role in the production of medications targeting neurological disorders, including Alzheimer's disease, due to its structural properties that allow it to interact with specific enzymes and receptors in the brain. Additionally, it is utilized in the development of anti-inflammatory and analgesic drugs, where its chemical structure helps in modulating biological pathways to reduce pain and inflammation. Its versatility also extends to research applications, where it serves as a building block for creating novel compounds with potential therapeutic effects.