Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in developing compounds with central nervous system activity. It serves as a scaffold in medicinal chemistry for creating analogs that target neurological disorders such as depression, anxiety, and schizophrenia. Its structure allows for easy functionalization, making it valuable in drug discovery programs focused on serotonin and dopamine receptor modulators. Additionally, it has been explored in the development of anti-inflammatory and anticancer agents due to its ability to interact with biological targets involved in cell signaling and proliferation.