This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various bioactive compounds. Its structure is particularly valuable in the development of drugs targeting the central nervous system, such as serotonin receptor modulators. These modulators are crucial in treating conditions like depression, anxiety, and other mood disorders. Additionally, it serves as a building block in the creation of inhibitors for specific enzymes, which can be applied in cancer therapy and neurodegenerative disease research. Its unique chemical framework allows for the design of molecules with enhanced selectivity and potency, making it a significant component in medicinal chemistry.