This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting cardiovascular and neurological conditions. Its structure allows it to act as an intermediate in the production of beta-blockers, which are crucial for managing hypertension and arrhythmias. Additionally, it finds application in the development of anticonvulsant medications, aiding in the treatment of epilepsy and related seizure disorders. In the field of organic chemistry, it serves as a building block for creating complex molecules with potential therapeutic properties. Its methoxy and phenoxy groups contribute to its versatility in chemical reactions, making it valuable in research and drug development processes.