This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in the development of pharmaceuticals. It serves as a key intermediate in the production of various therapeutic agents, including those targeting neurological and cardiovascular disorders. Its unique structure allows for the introduction of functional groups that are essential for biological activity, making it valuable in medicinal chemistry. Additionally, it is employed in research settings for the development of novel drug candidates, where its reactivity and stability are advantageous in multi-step synthetic processes.