Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents. It serves in the preparation of serotonin and dopamine receptor modulators, often explored for their potential in treating psychiatric and neurological disorders such as depression, anxiety, and schizophrenia. Also utilized in research settings to design novel bioactive molecules due to its favorable binding properties with various neurotransmitter receptors. Its structure supports derivatization for structure-activity relationship studies in medicinal chemistry.