This compound is primarily utilized in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents. Its structure is often incorporated into molecules designed to interact with neurotransmitter systems, making it valuable in the creation of drugs targeting conditions like depression, anxiety, or other mood disorders. Additionally, it serves as an intermediate in organic synthesis, contributing to the production of more complex chemical entities with potential therapeutic applications. Its methoxy and ethoxy functional groups enhance its reactivity and ability to participate in various chemical reactions, making it a versatile building block in medicinal chemistry.