This compound is primarily utilized in the field of medicinal chemistry and pharmaceutical research. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting neurological disorders. Its structural framework is often incorporated into the design of compounds that interact with serotonin receptors, making it valuable in the development of potential antidepressants and anxiolytics. Additionally, it is explored for its role in creating inhibitors for enzymes involved in neurodegenerative diseases, such as monoamine oxidase. Researchers also investigate its derivatives for their potential anti-inflammatory and antioxidant properties, which could be beneficial in treating conditions like Parkinson's disease or Alzheimer's disease.