This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting central nervous system disorders, particularly as a precursor in the production of beta-blockers and other adrenergic agents. Its structure, featuring both amino and hydroxyl groups, allows for versatile chemical modifications, making it valuable in designing molecules with specific therapeutic effects. Additionally, it is employed in research settings to study receptor interactions and develop novel compounds with potential applications in treating cardiovascular and neurological conditions.