This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. It serves as a key intermediate in the creation of molecules that target various biological pathways, including those involved in neurological and psychiatric disorders. Its structure is often modified to enhance binding affinity and selectivity for specific receptors, making it valuable in the design of potential therapeutics. Additionally, it is explored in medicinal chemistry for its potential role in developing enzyme inhibitors, which can be applied in treating diseases like cancer or metabolic disorders. Its versatility and reactivity make it a useful building block in organic synthesis for constructing complex heterocyclic compounds.