Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of beta-blockers and other cardiovascular drugs. Its structure allows for selective functionalization, making it valuable in creating chiral molecules with high enantiomeric purity. Commonly employed in research settings for designing drug candidates that require controlled stereochemistry and improved metabolic stability. Also utilized in the preparation of prodrugs due to the presence of hydrolysable ester and hydroxyl groups, enabling tailored release profiles in vivo.