This chemical is primarily utilized in the synthesis of various pharmaceutical compounds. It serves as a key intermediate in the production of certain drugs, particularly those targeting neurological and psychiatric conditions. Its structure allows it to act as a building block for creating molecules that interact with specific receptors in the brain, making it valuable in the development of medications for anxiety, depression, and other mental health disorders. Additionally, it is employed in research settings to study biochemical pathways and explore potential therapeutic applications. Its versatility in organic synthesis also makes it useful in creating dyes, agrochemicals, and other specialty chemicals.