Used primarily in pharmaceutical research, this compound serves as an intermediate in the synthesis of various bioactive molecules. It is particularly valuable in the development of compounds targeting the central nervous system, such as serotonin receptor modulators, due to its structural similarity to neurotransmitters. Additionally, it finds application in organic synthesis for creating complex molecules with potential therapeutic properties, including antidepressants and anxiolytics. Its benzyloxy group enhances its utility in protecting and deprotecting strategies during multi-step synthetic processes.