This chemical is primarily used as an intermediate in the synthesis of various pharmaceutical compounds. It plays a crucial role in the production of beta-blockers, which are medications commonly prescribed to manage cardiovascular conditions such as hypertension, arrhythmias, and angina. Additionally, it is utilized in the development of other therapeutic agents that target the nervous system, particularly in drugs designed to regulate heart rate and blood pressure. Its application extends to research laboratories where it serves as a building block for creating more complex molecules with potential medical benefits.