Primarily utilized in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its structure is particularly valuable in the development of compounds targeting neurological disorders, due to its ability to interact with specific receptors in the brain. Additionally, it is employed in the creation of novel therapeutic agents aimed at treating conditions like anxiety and depression. In the field of organic chemistry, it is often used in cross-coupling reactions to construct more complex heterocyclic compounds, which are essential in drug discovery and material science. Its unique properties also make it a candidate for use in the development of fluorescent dyes and sensors, contributing to advancements in diagnostic technologies.