This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmacologically active molecules. Its structure serves as a core scaffold for developing compounds that target the central nervous system, particularly in the design of antidepressants, anxiolytics, and antipsychotic drugs. Additionally, it is explored for its potential in creating ligands for serotonin and dopamine receptors, which play a crucial role in mood regulation and neurological disorders. Researchers also investigate its derivatives for their potential anti-inflammatory and analgesic properties, making it a versatile building block in drug discovery and development.