Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system agents and analgesics. Its structure allows for selective derivatization, making it valuable in creating serotonin and dopamine receptor modulators. Commonly employed in medicinal chemistry for constructing complex bioactive molecules due to the presence of both amine and phenolic functional groups, which facilitate coupling reactions and molecular diversification. Also utilized in the preparation of radiolabeled compounds for receptor binding studies.