Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of drugs targeting neurological and psychiatric disorders. Its structure supports the design of compounds with blood-brain barrier permeability, making it valuable in creating central nervous system agents. Also employed in research for developing novel antioxidants due to the presence of phenolic moiety, which contributes to radical scavenging properties. Additionally, it serves as a building block in medicinal chemistry for constructing complex molecules with enhanced bioavailability and target specificity.