This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various bioactive molecules. It plays a significant role in the development of drugs targeting central nervous system disorders, particularly those involving serotonin receptors. Its structural properties make it a valuable building block for creating compounds with potential antidepressant, anxiolytic, or antipsychotic effects. Additionally, it is explored in research for its potential application in designing novel therapeutic agents for neurodegenerative diseases. Its chiral nature allows for the development of enantiomerically pure drugs, enhancing specificity and reducing side effects in clinical applications.