This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various drugs. Its structure, featuring both an amino group and a carboxylic acid group, makes it a versatile building block for creating complex molecules. It is often employed in the development of enzyme inhibitors and receptor antagonists, particularly in the design of therapeutic agents targeting neurological disorders and cardiovascular diseases. Additionally, its naphthalene moiety contributes to its use in the creation of fluorescent probes and imaging agents, aiding in biological research and diagnostic applications.