This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of pharmacologically active molecules. It serves as a precursor in the development of compounds targeting neurological disorders, particularly those involving serotonin receptors. Its structural framework is often incorporated into drugs designed to modulate neurotransmitter activity, making it valuable in the creation of potential treatments for conditions like depression, anxiety, and other mood-related disorders. Additionally, its derivatives are explored for their potential analgesic and anti-inflammatory properties, contributing to research in pain management therapies.