This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as an intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often incorporated into the development of potential drugs that interact with neurotransmitter systems, such as dopamine and serotonin receptors. Researchers explore its derivatives for their potential therapeutic effects in treating conditions like depression, anxiety, and schizophrenia. Additionally, it may be used in the study of enzyme inhibition and receptor binding assays to understand its pharmacological properties better.