Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents. It serves as a building block for compounds targeting neurotransmitter receptors, including serotonin and dopamine receptors. Commonly utilized in the preparation of selective receptor modulators for potential use in treating anxiety, depression, and neurodegenerative disorders. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for structure-activity relationship (SAR) studies. Also employed in the production of radiolabeled derivatives for receptor binding assays and imaging studies.