This compound is primarily utilized in pharmaceutical research and development, particularly as an intermediate in the synthesis of biologically active molecules. It serves as a key building block in the creation of compounds targeting neurological and psychiatric disorders, such as schizophrenia and depression, due to its structural compatibility with receptors in the central nervous system. Additionally, it is employed in the preparation of prodrugs, where its carbamate group can be cleaved to release active drug molecules. Its stability and reactivity make it a valuable component in medicinal chemistry for designing and optimizing drug candidates.