This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often explored for developing potential drugs that interact with specific receptors in the brain, such as serotonin or dopamine receptors. Additionally, it is investigated for its role in modulating enzyme activity, which can lead to the development of novel therapeutic agents for conditions like depression, anxiety, or neurodegenerative diseases. Researchers also study its derivatives to optimize pharmacokinetic properties and enhance drug efficacy.