Used as a key intermediate in the synthesis of pharmaceutical agents, particularly in the development of kinase inhibitors and central nervous system (CNS) active compounds. Its structure supports binding to biological targets involved in signal transduction pathways, making it valuable in drug discovery for oncology and neurological disorders. The compound's functional groups allow for easy modification, enabling the creation of diverse analogs for structure-activity relationship studies. It is also employed in the preparation of receptor agonists and antagonists, especially those targeting serotonin and dopamine receptors.