This compound is primarily utilized in the field of organic synthesis, particularly as a building block or intermediate in the production of more complex molecules. Its bicyclic structure and functional groups make it valuable in the development of pharmaceuticals, especially in the synthesis of active pharmaceutical ingredients (APIs). It is often employed in the creation of compounds with potential therapeutic effects, such as those targeting neurological or cardiovascular disorders. Additionally, its stability and reactivity make it suitable for use in research and development processes, aiding in the exploration of new chemical pathways and drug candidates.