This chemical is primarily utilized in the synthesis of various pharmaceutical compounds. It serves as a key intermediate in the production of drugs targeting neurological disorders, particularly those involving dopamine and serotonin receptors. Its structure allows for the creation of molecules that can interact with specific neurotransmitter systems, making it valuable in the development of antipsychotic and antidepressant medications. Additionally, it is employed in the preparation of heterocyclic compounds, which are essential in medicinal chemistry for their diverse biological activities. Researchers also explore its potential in designing novel therapeutic agents for treating chronic diseases, leveraging its ability to form stable and bioactive derivatives.