This compound is primarily used in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various pharmaceutical agents, particularly those targeting neurological and psychiatric disorders. Its structure, which includes a benzo[b]thiophene moiety, makes it valuable for designing molecules that interact with specific receptors in the brain, such as serotonin or dopamine receptors. Researchers utilize it to develop potential treatments for conditions like depression, schizophrenia, and Parkinson's disease. Additionally, its chiral nature allows for the creation of enantiomerically pure compounds, enhancing the specificity and efficacy of the resulting drugs.