This compound is primarily utilized in pharmaceutical research and development as a key intermediate in the synthesis of various biologically active molecules. It is particularly valuable in the creation of compounds targeting neurological disorders, such as cognitive enhancers and treatments for neurodegenerative diseases. Its structural features make it suitable for designing drugs that interact with specific receptors or enzymes in the brain. Additionally, it is employed in the development of potential therapeutic agents for conditions like anxiety, depression, and epilepsy. Its versatility in organic synthesis also allows for its use in the production of other fine chemicals and active pharmaceutical ingredients (APIs).