Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of local anesthetics and vasoconstrictor agents. It plays a key role in the development of certain adrenergic agonists due to its ability to form active compounds that influence vascular tone. Also utilized in the preparation of dyes and fluorescent probes for biochemical applications. Its aldehyde and hydroxyl functional groups allow for versatile chemical modifications, making it valuable in organic synthesis and drug development.