This compound is primarily utilized in the field of organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting neurological and cardiovascular diseases. Its structural framework is often incorporated into the design of compounds with potential therapeutic properties, such as inhibitors for specific enzymes or receptors. Additionally, it is explored in the synthesis of heterocyclic compounds, which are valuable in drug discovery due to their diverse pharmacological activities. Researchers also study its derivatives for potential applications in creating novel materials or agrochemicals.