This compound is primarily utilized in pharmaceutical research and development, particularly in the study of serotonin receptors. It serves as a key intermediate in the synthesis of various bioactive molecules, especially those targeting neurological and psychiatric disorders. Its structure is valuable for designing ligands that interact with specific receptor subtypes, aiding in the development of potential treatments for conditions like depression, anxiety, and schizophrenia. Additionally, it is employed in organic synthesis to create complex heterocyclic compounds, which are essential in medicinal chemistry for drug discovery and optimization.