Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents. It serves in the production of antidepressants, antipsychotics, and other neuroactive compounds due to its structural compatibility with bioactive molecules. Its derivatives are explored in medicinal chemistry for their receptor binding properties, especially targeting serotonin and dopamine receptors. Also utilized in the preparation of chiral building blocks for asymmetric synthesis in drug discovery.