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 biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often explored in the development of potential drugs that modulate neurotransmitter systems, such as serotonin and dopamine, due to its ability to interact with specific receptors in the brain. Additionally, it is investigated for its potential application in creating compounds with anti-inflammatory or analgesic properties. Researchers also study its derivatives for their efficacy in treating conditions like depression, anxiety, and other central nervous system-related disorders.