Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It is particularly valuable in the synthesis of beta-blockers, which are medications used to manage cardiovascular conditions like hypertension and arrhythmias. Additionally, it plays a role in the development of certain antidepressants and antipsychotic drugs, contributing to the treatment of mental health disorders. Its reactivity and structure make it suitable for constructing complex molecules in medicinal chemistry.