This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It is particularly significant in the development of drugs targeting the central nervous system, such as antidepressants and antipsychotics, due to its structural similarity to compounds that interact with neurotransmitter systems. Additionally, it serves as a chiral building block in the production of enantiomerically pure substances, which are crucial for creating medications with higher efficacy and reduced side effects. Its application extends to research settings, where it is used in the study of receptor binding and pharmacological activity.