Primarily used in organic synthesis, this compound serves as a key intermediate in the production of various pharmaceuticals. It plays a crucial role in the development of beta-blockers, which are medications widely prescribed for managing hypertension, arrhythmias, and other cardiovascular conditions. Additionally, it is utilized in the synthesis of certain antifungal and antibacterial agents, contributing to the formulation of treatments for infections. Its reactivity and structure make it valuable in creating complex molecules for therapeutic applications.