This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of biologically active molecules. It serves as a key intermediate in the creation of compounds targeting neurological disorders, such as Alzheimer's disease and Parkinson's disease, due to its structural similarity to neurotransmitters. Additionally, it is employed in the development of drugs that interact with the central nervous system, including analgesics and antipsychotics. Its role in medicinal chemistry extends to the design of ligands for receptors involved in pain management and cognitive function. The compound's stability and reactivity make it a valuable building block in organic synthesis, enabling the production of complex molecules for therapeutic applications.