This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often incorporated into the design of potential therapeutic agents, such as serotonin receptor modulators, which are explored for treating conditions like depression, anxiety, and schizophrenia. Additionally, it is used in organic chemistry as a building block for constructing more complex piperazine derivatives, which are valuable in drug discovery programs. Its hydroxyl and carboxylate functional groups make it versatile for further chemical modifications, enabling the creation of diverse compounds with potential pharmacological activities.