This compound is primarily utilized in the field of medicinal chemistry and pharmacology due to its structural properties, which make it a potential candidate for drug development. It is often explored for its activity on serotonin and dopamine receptors, making it relevant in the study of neurological and psychiatric disorders such as depression, anxiety, and schizophrenia. Researchers investigate its efficacy as a potential therapeutic agent, particularly in modulating neurotransmitter systems. Additionally, its derivatives may be synthesized and tested for improved pharmacological profiles, including enhanced selectivity and reduced side effects. Beyond its pharmaceutical applications, it may also serve as a key intermediate in the synthesis of more complex organic compounds used in various research and industrial processes.