Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents. It serves as a building block for drugs targeting neurological disorders such as depression, anxiety, and psychosis due to its structural similarity to biologically active piperidine derivatives. Also utilized in the preparation of selective receptor modulators, including dopamine and serotonin receptor ligands. Its benzylic and carboxylic functional groups allow for easy modification, making it valuable in medicinal chemistry for structure-activity relationship studies and the design of novel therapeutic agents.