This compound is primarily utilized in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) that target neurological and psychiatric disorders. It serves as a key intermediate in the production of compounds that interact with serotonin and dopamine receptors, making it valuable for creating treatments for conditions like depression, anxiety, and schizophrenia. Additionally, it is used in organic chemistry research to develop novel ligands for receptor studies, aiding in the understanding of biochemical pathways and drug mechanisms. Its structural properties also make it a candidate for use in the development of fluorescent probes for biological imaging, enabling researchers to visualize and track cellular processes.