This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting neurological disorders, including cognitive enhancers and treatments for neurodegenerative diseases. Additionally, it is employed in the production of nootropic agents, which are known to improve cognitive functions such as memory and focus. Its structural properties make it a valuable building block in organic synthesis, particularly for creating complex molecules with specific biological activities. Researchers also explore its potential in designing novel therapeutic agents due to its versatile chemical framework.