This compound is primarily utilized in pharmaceutical research as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the development of drugs targeting neurological disorders, such as Alzheimer's disease and Parkinson's disease, due to its ability to interact with specific receptors in the brain. Additionally, it is explored for its potential in creating compounds with anti-inflammatory, antimicrobial, and anticancer properties. The chemical's versatility in forming complex structures makes it a crucial component in medicinal chemistry for designing novel therapeutic agents.