Used primarily in organic synthesis and pharmaceutical research, this compound serves as a key intermediate in the development of various drugs, particularly those targeting neurological disorders. Its structure is valuable in creating compounds with potential anti-inflammatory, antimicrobial, and anticancer properties. Additionally, it is utilized in the study of photophysical properties for applications in materials science, such as the development of organic light-emitting diodes (OLEDs) and other optoelectronic devices. Its versatility makes it a significant component in advancing both medicinal chemistry and material science research.