Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and analgesics. Its structural framework supports the creation of bioactive molecules due to the presence of both hydroxyl and amine functional groups in a constrained ring system. Commonly employed in the production of selective receptor modulators, including those targeting serotonin and dopamine receptors. Also utilized in agrochemicals for designing novel active ingredients with improved selectivity and metabolic stability. Its versatility makes it valuable in medicinal chemistry for lead optimization and scaffold development.