This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of bioactive molecules. It serves as a key intermediate in the creation of compounds targeting neurological disorders, such as depression and anxiety, due to its structural similarity to neurotransmitters. Additionally, it is employed in the development of ligands for receptor studies, aiding in the understanding of biochemical pathways and drug mechanisms. Its application extends to organic synthesis, where it is used to build complex molecules for medicinal chemistry projects.