This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly in the development of beta-blockers and other cardiovascular drugs. Its structure, featuring both amino and hydroxyl groups, makes it a valuable intermediate in organic synthesis. Additionally, it is employed in the preparation of fluorinated compounds, which are often used in medicinal chemistry due to their enhanced stability and bioavailability. The hydrochloride form ensures better solubility and handling in laboratory and industrial processes.