Used as a key intermediate in the synthesis of various pharmaceuticals, particularly in the development of antipsychotic and antidepressant drugs. Its structure allows for easy modification and integration into larger molecules, enhancing drug solubility and receptor binding. Commonly employed in the production of selective serotonin reuptake inhibitors (SSRIs) and other central nervous system agents. Also utilized in the preparation of functionalized polymers and as a building block in medicinal chemistry research for designing new bioactive compounds.