This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various biologically active compounds. It plays a significant role in the development of drugs targeting neurological disorders, particularly those involving the central nervous system. Its structure is often incorporated into molecules designed to interact with specific receptors or enzymes, making it valuable in the creation of potential treatments for conditions such as depression, anxiety, and neurodegenerative diseases. Additionally, it is explored in research for its potential applications in cancer therapy, where its derivatives may act as inhibitors for certain pathways involved in tumor growth. Its versatility in medicinal chemistry makes it a crucial component in the discovery and development of novel therapeutic agents.