Used primarily in pharmaceutical research, it serves as an intermediate in the synthesis of various drugs, particularly those targeting neurological and cardiovascular conditions. Its role in the production of beta-blockers is notable, aiding in the management of hypertension and arrhythmias. Additionally, it finds application in the development of compounds for treating anxiety and depression. In organic chemistry, it acts as a building block for creating more complex molecules, contributing to advancements in medicinal chemistry and drug discovery.