This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly in the development of drugs targeting cardiovascular and neurological disorders. Its structure allows it to act as an intermediate in the production of beta-blockers, which are essential for managing conditions like hypertension and arrhythmias. Additionally, it finds application in the preparation of chiral compounds, serving as a building block for enantioselective synthesis in medicinal chemistry. Its role in organic synthesis also extends to the creation of complex molecules used in research and drug discovery processes.