This compound is primarily utilized in the synthesis of pharmaceuticals, particularly in the production of beta-blockers, which are medications used to manage abnormal heart rhythms and treat high blood pressure. It serves as a key intermediate in the creation of these drugs, enabling the development of effective cardiovascular treatments. Additionally, it finds application in organic chemistry research as a building block for more complex molecules, aiding in the study of chemical reactions and pathways. Its role in these areas highlights its importance in both medical and scientific advancements.