This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various biologically active molecules. It plays a crucial role in the development of therapeutic agents, particularly those targeting neurological and cardiovascular disorders. Its structural framework is often incorporated into the design of compounds that exhibit receptor-binding properties, making it valuable in drug discovery and medicinal chemistry research. Additionally, it is used in the preparation of heterocyclic compounds, which are essential in creating drugs with potential antithrombotic, anti-inflammatory, or antihypertensive effects. Its versatility in chemical synthesis makes it a significant component in advancing pharmacological studies.