Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of antipsychotic and antidepressant drugs. Its structure allows for effective binding to central nervous system receptors, making it valuable in medicinal chemistry. Commonly employed in the preparation of selective serotonin reuptake inhibitors (SSRIs) and related psychoactive agents. Also utilized in research settings for designing novel bioactive molecules due to its favorable solubility and functional group compatibility.