Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of local anesthetics and antiarrhythmic drugs. It serves as a building block for active pharmaceutical ingredients due to its amine and hydroxyl functional groups, which allow for easy modification and conjugation. Also employed in the development of novel psychoactive substances and receptor ligands for research purposes. Its structure supports penetration of biological membranes, making it valuable in drug design for central nervous system agents.