This chemical is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical compounds. Its unique structure makes it valuable for developing molecules with potential therapeutic effects, particularly in the area of central nervous system (CNS) disorders. Researchers often explore its derivatives for their activity as serotonin receptor modulators, which could be beneficial in treating conditions like anxiety, depression, and schizophrenia. Additionally, its application extends to the development of novel drugs targeting neurodegenerative diseases, where its structural framework can be modified to enhance bioavailability and efficacy. Its role in organic synthesis also contributes to the creation of complex heterocyclic compounds, which are essential in drug discovery and development processes.