This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting the central nervous system. Its structure is often incorporated into compounds designed to interact with serotonin receptors, making it valuable in the creation of potential treatments for mood disorders, anxiety, and depression. Additionally, it is explored in the development of novel therapeutic agents for neurological conditions due to its ability to influence neurotransmitter activity. Researchers also investigate its derivatives for potential anti-inflammatory and analgesic properties, expanding its applications in drug discovery.