This compound is primarily utilized in the pharmaceutical and research industries as an intermediate in the synthesis of more complex molecules. Its structure, featuring both amino and hydroxyl groups, makes it a valuable building block for developing drugs, particularly those targeting neurological and cardiovascular conditions. It is often employed in the preparation of compounds with potential therapeutic effects, such as antidepressants or antihypertensive agents. Additionally, it serves as a key reagent in organic synthesis, facilitating the creation of novel chemical entities for further biological evaluation. Its role in medicinal chemistry underscores its importance in advancing drug discovery and development.