Used primarily in organic synthesis, this compound serves as a key intermediate in the production of pharmaceuticals. It is particularly valuable in the development of drugs targeting neurological disorders, such as Alzheimer's disease and Parkinson's disease. The compound's structure allows it to act as a building block for more complex molecules that interact with specific receptors in the brain. Additionally, it finds application in the synthesis of agrochemicals, contributing to the creation of pesticides and herbicides. Its versatility in chemical reactions makes it a useful reagent in research laboratories for exploring new pathways in medicinal chemistry.