This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological disorders. Its structural framework is often exploited in the development of compounds that interact with neurotransmitter systems, making it valuable for creating potential drugs for conditions like Parkinson's disease, depression, and anxiety. Additionally, its derivatives are explored for their potential analgesic and anti-inflammatory properties, contributing to the development of novel therapeutic agents.