Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of central nervous system (CNS) active compounds. It serves in the production of certain antipsychotics and antidepressants due to its structural affinity for neurotransmitter receptors. Its derivatives are explored for their dopaminergic and serotonergic activity, making it valuable in research related to psychiatric and neurological disorders. Also utilized in the preparation of reference standards and metabolites for analytical testing in drug development.