This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting the central nervous system. Its bicyclic structure makes it a valuable scaffold for developing compounds with potential therapeutic effects, such as analgesics, antipsychotics, or antidepressants. Additionally, it has been explored in the development of ligands for nicotinic acetylcholine receptors, which are implicated in neurological disorders. Researchers also investigate its derivatives for their potential in treating addiction and cognitive impairments. Its versatility and stability make it a useful building block in drug discovery and development processes.