This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and psychiatric disorders. Its unique structure allows for the creation of compounds that interact with specific receptors in the brain, making it valuable in the design of drugs for conditions such as anxiety, depression, and schizophrenia. Additionally, it is employed in organic chemistry as a building block for constructing more complex heterocyclic compounds, which are often explored for their potential therapeutic applications.