This compound is primarily utilized in the field of medicinal chemistry as an intermediate in the synthesis of biologically active molecules. Its structure, featuring both piperazine and phenethyl moieties, makes it a valuable building block for designing compounds with potential pharmacological properties. It is often employed in the development of drugs targeting the central nervous system, such as antipsychotics or antidepressants, due to its ability to interact with neurotransmitter receptors. Additionally, the presence of the methoxycarbonyl group allows for further chemical modifications, enabling researchers to fine-tune the compound's properties for specific therapeutic applications. Its role in drug discovery highlights its importance in creating novel treatments for various medical conditions.