Used primarily in the synthesis of pharmaceutical compounds, it serves as a key intermediate in the production of beta-blockers, which are medications that help manage cardiovascular conditions like hypertension and arrhythmias. Its structural properties make it suitable for creating chiral molecules, enhancing the efficacy and specificity of the resulting drugs. Additionally, it finds application in organic chemistry research for developing novel compounds with potential therapeutic effects. Its role in drug development highlights its importance in advancing medical treatments.