This compound is primarily utilized in the field of medicinal chemistry and pharmacology. It serves as a key intermediate in the synthesis of various pharmaceutical agents, particularly those targeting the central nervous system. Its structure is often explored for developing compounds with potential activity as serotonin receptor modulators, which can be beneficial in treating conditions like anxiety, depression, and other mood disorders. Additionally, it is investigated for its role in creating novel therapeutic agents that may exhibit antipsychotic or neuroprotective properties. Researchers also study its derivatives for their potential in drug discovery programs aimed at addressing neurological and psychiatric disorders.