This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly in the development of drugs targeting neurological and psychiatric disorders. It serves as a key intermediate in the production of compounds that interact with neurotransmitter systems, such as dopamine and serotonin receptors, making it valuable for creating antipsychotic and antidepressant medications. Additionally, it is employed in the preparation of biologically active molecules used in cancer research, where its structural properties contribute to the inhibition of specific enzymes or receptors involved in tumor growth. Its versatility in organic synthesis also extends to the creation of novel compounds for drug discovery and development.