This compound is primarily utilized in the synthesis of various pharmaceutical agents. It serves as a key intermediate in the production of beta-blockers, which are medications used to manage abnormal heart rhythms, high blood pressure, and other cardiovascular conditions. Additionally, it is employed in the development of certain antihistamines and anti-inflammatory drugs. Its structural properties make it valuable in organic synthesis, particularly in creating compounds with specific biological activities. The chemical is also explored in research for potential applications in developing new therapeutic agents targeting neurological and metabolic disorders.