This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a significant role in the development of drugs targeting central nervous system disorders, particularly as a precursor in the production of serotonin receptor modulators. These modulators are often used in the treatment of conditions such as anxiety, depression, and other mood-related disorders. Additionally, its chiral nature makes it valuable in the creation of enantiomerically pure compounds, enhancing the efficacy and reducing potential side effects of the resulting medications.