This compound is primarily utilized in the synthesis of various pharmaceuticals, particularly those targeting the central nervous system. It serves as a key intermediate in the production of drugs that act on adrenergic and dopaminergic receptors, aiding in the treatment of conditions like hypertension, asthma, and Parkinson's disease. Additionally, it is employed in biochemical research to study neurotransmitter pathways and receptor mechanisms. Its role in organic synthesis also extends to the development of specialty chemicals and fine chemicals used in diverse industrial applications.