Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of central nervous system (CNS) active compounds. Its structure supports the creation of selective receptor modulators, including those targeting serotonin and dopamine receptors. Commonly employed in research settings to design novel analogs for neuropharmacological studies, especially in the context of antipsychotic and antidepressant drug discovery. The hydroxyl and thienylmethyl functional groups allow for easy derivatization, making it valuable in medicinal chemistry for building diverse compound libraries.