Used in pharmaceutical research as a key intermediate in the synthesis of biologically active compounds, particularly in the development of central nervous system agents. Shows potential in the design of serotonin and dopamine receptor modulators, which are relevant for treating neurological and psychiatric disorders such as depression, anxiety, and schizophrenia. Its structure allows for functional modifications that enhance binding affinity and selectivity toward specific receptor subtypes, making it valuable in medicinal chemistry for optimizing drug candidates. Also explored in the creation of novel analgesics and anti-inflammatory agents due to its fused ring system, which can mimic natural neurotransmitters and hormones.