This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often incorporated into compounds designed to interact with neurotransmitter systems, making it valuable for creating potential treatments for conditions like depression, anxiety, and schizophrenia. Additionally, it is employed in the preparation of ligands for receptor-binding studies, aiding in the understanding of biochemical pathways and drug mechanisms. Its stability and reactivity make it a versatile building block in medicinal chemistry.