This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various pharmaceutical agents, particularly those targeting neurological and psychiatric disorders. Its structural properties make it valuable for designing molecules that interact with specific receptors in the brain, such as serotonin or dopamine receptors. Researchers also explore its potential in developing treatments for conditions like anxiety, depression, and schizophrenia. Additionally, it is investigated for its role in creating compounds with potential anticancer properties, owing to its ability to modulate cellular pathways. Its application extends to biochemical research, where it is used to study enzyme interactions and mechanisms of action in biological systems.