Used primarily in the pharmaceutical industry, this compound serves as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It is particularly valuable in the development of drugs targeting central nervous system disorders, including antidepressants and antipsychotics. Its structural properties allow for the introduction of specific functional groups that enhance the efficacy and selectivity of the final drug molecule. Additionally, it is employed in organic synthesis for the preparation of complex molecules used in research and development. Its role in creating biologically active compounds makes it a crucial component in medicinal chemistry.