This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmacologically active molecules. It serves as a building block for the development of compounds targeting neurological disorders, particularly those involving the modulation of neurotransmitter systems. Additionally, it has been explored in the creation of potential therapeutic agents for cardiovascular diseases due to its structural similarity to other bioactive molecules. Its versatility in organic synthesis also makes it valuable for constructing complex heterocyclic frameworks in drug discovery and development.