This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly in the development of psychoactive substances. It serves as a key intermediate in the production of certain antidepressants and stimulants, owing to its structural properties that allow for effective interaction with neurotransmitter systems. Additionally, it is employed in organic chemistry research for the creation of novel compounds with potential therapeutic applications. Its role in the synthesis of complex molecules makes it valuable in medicinal chemistry and drug discovery processes.