Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of cyclopropyl-containing drugs, which are known for their biological activity. The compound's structure allows it to act as a protective group for amines during complex chemical reactions, ensuring selective transformations. Additionally, it finds application in the research and development of new therapeutic agents targeting neurological disorders and cancer, owing to its ability to modulate specific biochemical pathways. Its stability and reactivity make it a versatile tool in medicinal chemistry.