Used in pharmaceutical synthesis as an intermediate for developing bioactive compounds, particularly in the creation of nitrogen-containing heterocyclic drugs. Shows potential in the development of central nervous system agents due to its structural affinity with neurotransmitter analogs. Also employed in agrochemical research for designing novel pesticides with improved selectivity. Its benzyloxy and amino functional groups allow for easy modification in combinatorial chemistry, making it valuable in high-throughput screening libraries for drug discovery.