This chemical is primarily utilized in the field of organic synthesis as a key intermediate in the production of various pharmaceutical compounds. Its unique bicyclic structure makes it valuable for constructing complex molecules, particularly those targeting neurological disorders. It is often employed in the development of drugs that interact with the central nervous system, such as antidepressants and anxiolytics. Additionally, its methoxy groups enhance its reactivity, making it suitable for further chemical modifications in drug discovery processes. Researchers also explore its potential in creating novel ligands for receptor studies, aiding in the understanding of biochemical pathways.