This chemical is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of beta-blockers, which are medications used to manage cardiovascular conditions such as hypertension, arrhythmias, and heart failure. Additionally, it is employed in the production of chiral compounds, contributing to the creation of enantiomerically pure drugs, which are essential for enhancing therapeutic efficacy and reducing side effects. Its unique structure allows it to act as a building block in organic synthesis, facilitating the creation of complex molecules with specific biological activities.