This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of active pharmaceutical ingredients (APIs). Its unique bicyclic structure makes it a valuable intermediate in the production of various drugs, especially those targeting the central nervous system. It is often employed in the creation of compounds with potential therapeutic effects for neurological disorders, including anxiety, depression, and pain management. Additionally, its role in asymmetric synthesis is significant, as it helps in producing enantiomerically pure substances, which are crucial for the efficacy and safety of many medications. Researchers also explore its applications in designing novel drug candidates with improved bioavailability and reduced side effects.