This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. It plays a significant role in the development of compounds targeting neurological disorders, particularly those involving serotonin receptors. Its structural features make it a valuable building block for designing molecules with potential antidepressant and antipsychotic activities. Additionally, it is explored in research for its potential application in treating conditions like anxiety and mood disorders. Its versatility in drug design underscores its importance in the development of novel therapeutic agents.