This compound is primarily utilized in organic synthesis as a key intermediate for the preparation of various pharmaceuticals and fine chemicals. It plays a significant role in the synthesis of β-blockers, which are widely used in treating cardiovascular conditions such as hypertension and arrhythmias. Additionally, it serves as a precursor in the production of certain anti-inflammatory and analgesic agents. Its reactive bromine and hydroxyl groups make it a versatile building block for constructing complex molecules in medicinal chemistry and drug development.