This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological disorders. Its structural framework is often incorporated into compounds designed to interact with neurotransmitter systems, making it valuable in the creation of potential treatments for conditions like Parkinson's disease, depression, and anxiety. Additionally, it is explored in the development of enzyme inhibitors, which can be used to modulate biochemical pathways involved in disease progression. Its versatility and reactivity make it a useful building block in organic synthesis for creating complex pharmaceutical agents.