It is primarily used in pharmaceutical research as a key intermediate in the synthesis of various biologically active compounds. Its structure makes it valuable for developing potential therapeutic agents, particularly in the field of central nervous system disorders and oncology. Researchers explore its derivatives for their potential as inhibitors or modulators of specific enzymes or receptors, which could lead to the development of new drugs for conditions like anxiety, depression, neurodegenerative diseases, and cancer. Additionally, it is studied for its role in creating novel compounds with anti-inflammatory or antimicrobial properties, contributing to advancements in medicinal chemistry.