Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various bioactive molecules. Its structure is particularly valuable in the development of drugs targeting neurological disorders, due to its ability to interact with specific receptors in the brain. Additionally, it is employed in the creation of fluorescent dyes for biological imaging, aiding in the study of cellular processes. The compound's unique properties also make it useful in organic synthesis, where it acts as a building block for more complex chemical entities.