This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various therapeutic agents. Its structure, featuring an amino acid backbone and a phenolic group, makes it valuable in the development of drugs targeting neurological and cardiovascular disorders. It is often employed in research to create analogs that can modulate neurotransmitter activity or act as antioxidants, potentially aiding in the treatment of conditions like Parkinson's disease or hypertension. Additionally, its chiral nature allows for the production of enantiomerically pure compounds, which are crucial for enhancing drug efficacy and reducing side effects.