This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of bioactive molecules. It serves as a key intermediate in the production of compounds targeting neurological disorders, such as Parkinson's disease and depression, due to its structural similarity to neurotransmitters. Additionally, it is employed in the creation of chiral catalysts for asymmetric synthesis, enhancing the efficiency and selectivity of chemical reactions. Its application extends to the study of receptor interactions and enzyme inhibition, aiding in the discovery of novel therapeutic agents.