This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting cardiovascular and neurological conditions. It serves as a key intermediate in the production of beta-blockers, which are commonly prescribed for managing hypertension, arrhythmias, and other heart-related disorders. Additionally, its structural properties make it suitable for the development of compounds that interact with adrenergic receptors, aiding in the regulation of blood pressure and heart rate. In research, it is often employed to create derivatives for studying receptor-ligand interactions and optimizing drug efficacy. Its application extends to the development of novel therapeutic agents with potential anti-anxiety and anti-depressant effects due to its ability to modulate neurotransmitter systems.