Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of certain antidepressants and psychoactive drugs. It plays a role in constructing complex organic molecules due to its reactive ketone and aromatic methoxy groups. Commonly employed in research settings for developing serotonin receptor agonists and antagonists. Also utilized in the preparation of substituted tetralins and as a building block in medicinal chemistry for designing novel bioactive compounds.