Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor agonists and antagonists. It plays an important role in creating compounds for neurological and psychiatric research, including potential treatments for depression, anxiety, and schizophrenia. Its structure allows for selective modification, making it valuable in medicinal chemistry for building complex heterocyclic systems. Also utilized in radiolabeling studies due to the presence of iodine, enabling imaging and tracer applications in biological systems.