This chemical is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of drugs targeting neurological and cardiovascular conditions, owing to its structural properties that allow it to interact effectively with biological systems. Additionally, it is employed in research laboratories for the study of receptor binding and enzyme inhibition, aiding in the discovery of new therapeutic agents. Its biphenyl structure and functional groups make it a versatile compound for organic synthesis, particularly in the creation of complex molecules with potential medicinal benefits.