Used primarily in the pharmaceutical industry as a key intermediate in the synthesis of various biologically active compounds. It plays a crucial role in the development of drugs targeting neurological disorders, including Alzheimer's disease, due to its ability to modulate specific receptors in the brain. Additionally, it is employed in research for creating novel therapeutic agents with potential anti-inflammatory and anti-cancer properties. Its structural framework is also explored in organic chemistry for designing complex molecules with specific electronic and binding properties.