This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and psychiatric disorders. Its structural features make it valuable for designing compounds that interact with neurotransmitter systems, such as serotonin and dopamine receptors. Researchers explore its potential in creating drugs for conditions like depression, anxiety, and schizophrenia. Additionally, its derivatives are investigated for their efficacy in modulating cognitive functions and mood regulation. The compound's stability and reactivity also make it suitable for further chemical modifications, enabling the development of novel therapeutic agents.