Used in the synthesis of pharmaceuticals, particularly as an intermediate in the production of beta-blockers, which are medications designed to treat cardiovascular conditions such as hypertension, angina, and arrhythmias. Its chiral structure makes it valuable in creating enantiomerically pure drugs, improving therapeutic efficacy and reducing side effects. Also employed in research for developing new bioactive molecules and asymmetric synthesis due to its functional groups that allow for selective chemical modifications.