Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of central nervous system agents and antidepressants. It serves as a building block in the preparation of heterocyclic compounds due to the presence of both amine and hydroxyl functional groups, enabling ring formation reactions. Also employed in the development of dyes and fluorescent agents for analytical applications. Its structure allows for chelation with metal ions, making it useful in certain catalytic processes and coordination chemistry research.