Used primarily in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the development of drugs targeting the central nervous system, including antipsychotics and antidepressants. Its reactive chloroethyl group allows for efficient modification, enabling the creation of complex molecules with specific therapeutic properties. Additionally, it finds application in research settings for studying biochemical pathways and receptor interactions, aiding in the discovery of new medicinal compounds.