This compound is primarily utilized in the field of medicinal chemistry and pharmacology due to its structural properties. It serves as a key intermediate in the synthesis of various pharmaceutical agents, particularly those targeting neurological and cardiovascular systems. Its dihydrobenzodioxin moiety is often explored for its potential in developing drugs with anti-anxiety, antidepressant, or antihypertensive effects. Additionally, it is studied for its role in creating compounds that interact with serotonin and dopamine receptors, making it relevant for research in mental health disorders. Its application also extends to organic synthesis, where it is used to build complex molecules for further biochemical evaluation.