Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of beta-blockers and other cardiovascular drugs. Its structure allows for easy modification to form esters and amides, making it valuable in drug design. Also employed in the preparation of functionalized polymers and as a building block in organic synthesis for creating biologically active molecules. Shows potential in the development of prodrugs due to its carboxylic acid and hydroxyl functional groups, which can be tailored for improved bioavailability.