This compound is primarily utilized in research and development within the field of medicinal chemistry, particularly in the synthesis of novel pharmaceutical agents. It serves as a key intermediate in the creation of compounds that target the central nervous system, often explored for their potential as antipsychotic or antidepressant agents. Its structural features make it a valuable building block for designing molecules that interact with serotonin and dopamine receptors, which are critical in treating neurological and psychiatric disorders. Additionally, it is sometimes employed in the study of biochemical pathways and receptor binding mechanisms to better understand the pharmacological effects of related compounds.