Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of antipsychotic and antidepressant drugs. Its structure allows for the formation of active compounds that interact with central nervous system receptors, especially serotonin and dopamine receptors. Commonly employed in research settings to design novel bioactive molecules with improved selectivity and reduced side effects. Also utilized in medicinal chemistry for structure-activity relationship (SAR) studies due to its functional groups that enable diverse chemical modifications.