Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of cardiovascular and central nervous system agents. Its structure serves as a building block for compounds with adrenergic and serotonergic activity. Commonly employed in research settings to design new bioactive molecules due to its stability and ability to mimic aromatic and heterocyclic motifs in drug candidates. Also utilized in the preparation of chiral ligands and catalysts for asymmetric synthesis.