This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various bioactive compounds. It serves as a building block in the development of drugs targeting neurological disorders, particularly those related to dopamine and serotonin receptors. Its structure is often incorporated into molecules designed to treat conditions such as depression, anxiety, and Parkinson's disease. Additionally, it has shown potential in the creation of anti-inflammatory and analgesic agents, making it valuable in the research and development of new therapeutic drugs. Its versatility in organic synthesis also extends to the production of agrochemicals, where it contributes to the formulation of pesticides and herbicides.