Used primarily as an intermediate in the synthesis of pharmaceuticals, particularly beta-blockers like propranolol and atenolol. Its chiral structure makes it valuable in producing enantiomerically pure drugs for treating cardiovascular diseases. Also employed in the preparation of agrochemicals and specialty polymers due to its reactive functional groups. The compound’s hydroxyl and carbamate groups allow for easy modification in organic synthesis, enabling the development of complex molecules in medicinal chemistry.