This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of small molecule drugs. It serves as a key intermediate in the creation of compounds targeting various diseases, including neurological disorders and cancer. Its structure allows it to interact with specific biological targets, such as receptors or enzymes, making it valuable in the design of therapeutic agents. Additionally, it is employed in organic chemistry as a building block for more complex molecules, aiding in the exploration of new chemical entities with potential medicinal properties.