This compound is primarily utilized in the synthesis of chiral intermediates for pharmaceuticals, particularly in the development of enantiomerically pure drugs. Its structure, featuring a chiral center and reactive functional groups, makes it valuable for constructing complex molecules with high stereochemical control. It is often employed in the preparation of beta-blockers, which are used to treat cardiovascular conditions like hypertension and arrhythmias. Additionally, it serves as a building block in organic synthesis for creating compounds with potential biological activity, such as antimicrobial or anti-inflammatory agents. Its hydroxyl and amide groups also make it suitable for further derivatization, enabling the production of diverse chemical entities for drug discovery and development.