This chemical is primarily utilized in the synthesis of pharmaceutical compounds, particularly those targeting cardiovascular and neurological disorders. It serves as a key intermediate in the production of beta-blockers, which are widely prescribed for managing hypertension, arrhythmias, and angina. Additionally, its structure is valuable in developing molecules with potential anxiolytic and antidepressant properties, making it significant in psychiatric drug research. Its role in these applications stems from its ability to modulate receptor activity and influence physiological pathways effectively.