This compound is primarily utilized in the field of medicinal chemistry and pharmacological 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 for the development of potential therapeutic agents, such as serotonin receptor modulators, which can be used in treating conditions like depression, anxiety, and other mood-related disorders. Additionally, its unique chemical framework makes it a valuable candidate for studying enzyme inhibition and signal transduction pathways in cellular processes. Researchers also investigate its derivatives for their potential anti-inflammatory and analgesic properties, contributing to the development of novel pain management drugs.