This compound is primarily utilized in pharmaceutical research and development due to its structural properties, which make it a valuable intermediate in the synthesis of various bioactive molecules. It is often employed in the creation of potential drug candidates targeting neurological disorders, as its fused heterocyclic structure can interact with specific receptors in the brain. Additionally, it is explored in the development of anti-inflammatory and antimicrobial agents, leveraging its ability to modulate biological pathways effectively. Its unique framework also makes it a key component in the study of organic synthesis methodologies, particularly in constructing complex heterocyclic systems for further chemical exploration.