This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting the central nervous system, particularly in the creation of compounds that interact with neurotransmitter systems. Its structural properties make it valuable for designing molecules with specific receptor-binding capabilities, often leading to potential treatments for neurological disorders. Additionally, it is employed in research settings to study biochemical pathways and develop novel therapeutic agents. Its versatility in chemical reactions also makes it a useful building block in organic synthesis for creating complex molecules with potential medicinal applications.