Used in organic synthesis as a building block for pharmaceuticals, particularly in the development of neuroactive compounds and central nervous system agents. Its structure supports the creation of molecules with dopaminergic or serotonergic activity. Commonly employed in research settings to design analogs for studying neurotransmitter receptors. Also utilized in the preparation of fluorescent probes and biochemical tracers due to its phenolic and amine functional groups, which allow for easy modification and conjugation.