Used primarily in organic synthesis, this compound serves as an intermediate in the production of various pharmaceuticals and fine chemicals. It is particularly valuable in the development of drugs that target neurological disorders, where its structure aids in the creation of active pharmaceutical ingredients. Additionally, it finds application in the synthesis of dyes and pigments, contributing to the vibrant colors in textiles and inks. Its role in research and development is significant, often utilized in the study of biochemical pathways and the design of new therapeutic agents.