Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system (CNS) agents. It serves as a building block for bioactive molecules due to its structural similarity to known neuroactive scaffolds. Its derivatives are explored for potential antipsychotic, antidepressant, and cognitive-enhancing properties. Also employed in medicinal chemistry research to design novel drug candidates targeting neurological disorders. The compound's polarity and hydrogen-bonding capacity make it suitable for improving solubility and binding affinity in drug design.