This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It is particularly valuable in the production of drugs targeting neurological and cardiovascular conditions due to its structural properties that allow for effective interaction with biological targets. Additionally, it serves as a building block in the development of chiral compounds, which are essential for creating enantiomerically pure medications, enhancing their efficacy and reducing potential side effects. Its application extends to research and development, where it is used in the study of metabolic pathways and drug discovery processes.