This compound is primarily utilized in the synthesis of pharmaceutical agents, particularly those targeting cardiovascular and neurological disorders. It serves as a key intermediate in the production of beta-blockers, which are medications used to manage conditions like hypertension, arrhythmias, and angina. Additionally, its structure is valuable in the development of compounds with potential antidepressant and anxiolytic properties due to its interaction with neurotransmitter systems. The dimethoxy groups on the phenyl ring enhance its binding affinity to specific receptors, making it a versatile building block in medicinal chemistry. Researchers also explore its use in asymmetric synthesis to create chiral molecules with high enantiomeric purity, which is crucial for drug efficacy and safety.