Used primarily in the synthesis of pharmaceuticals, this compound serves as a key intermediate in the production of various drugs. It is particularly valuable in the creation of beta-blockers, which are medications that help manage heart conditions and high blood pressure. Additionally, it finds application in the development of certain antidepressants and antipsychotics, contributing to the treatment of mental health disorders. Its role in organic synthesis also extends to the production of specialty chemicals used in research and industrial processes.