Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. It is particularly valuable in the development of drugs targeting neurological disorders, such as Alzheimer's disease and Parkinson's disease, due to its structural similarity to certain neurotransmitters. Additionally, it plays a role in the creation of ligands for receptor studies, aiding in the understanding of biochemical pathways. Its unique structure also makes it a candidate for the development of novel anti-inflammatory and analgesic agents. In material science, it is explored for its potential in creating organic semiconductors and light-emitting diodes (OLEDs), contributing to advancements in electronic devices.