This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various therapeutic agents. Its structural properties make it valuable in the development of drugs targeting the central nervous system, particularly for conditions like depression, anxiety, and other neurological disorders. Additionally, it is employed in the creation of compounds with potential antipsychotic and analgesic effects. Its versatility in chemical reactions also allows for its use in research and development of novel bioactive molecules, contributing to advancements in medicinal chemistry.