Used primarily as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents. It serves as a building block in the production of certain antidepressants and antipsychotic drugs due to its structural compatibility with bioactive molecules. Its derivatives are explored for their activity in neurotransmitter modulation, especially targeting serotonin and dopamine receptors. Additionally, it finds use in research settings for structure-activity relationship studies in medicinal chemistry.