This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its structural properties. It serves as a key intermediate in the production of beta-blockers, which are medications used to manage cardiovascular conditions such as hypertension, arrhythmias, and angina. Additionally, its methoxy group enhances its reactivity, making it valuable in the development of compounds with potential central nervous system activity, such as antidepressants or anxiolytics. Its application extends to research settings, where it is employed in the study of receptor interactions and drug design.