Used primarily in pharmaceutical research as a key intermediate in the synthesis of biologically active compounds. Shows potential in the development of central nervous system agents due to its structural affinity with neuroactive molecules. Also employed in the design of novel receptor ligands, particularly for dopamine and serotonin receptors, aiding in the study of neurological disorders. Its derivatives are explored for antimicrobial and anti-inflammatory properties, making it valuable in medicinal chemistry for drug discovery.