This compound is primarily utilized in the synthesis of chiral intermediates for pharmaceuticals, particularly in the production of beta-blockers, which are essential in managing cardiovascular conditions like hypertension and arrhythmias. Its stereospecific structure makes it valuable for creating enantiomerically pure drugs, ensuring higher efficacy and reduced side effects. Additionally, it serves as a precursor in the development of certain amino acid derivatives and bioactive molecules, contributing to advancements in medicinal chemistry and drug design.