This compound is primarily utilized in the field of medicinal chemistry, where it serves as a key intermediate in the synthesis of various pharmacologically active molecules. Its structure is particularly valuable in the development of drugs targeting cardiovascular diseases, as it can be modified to enhance binding affinity and selectivity towards specific receptors. Additionally, it is employed in the creation of peptide mimetics, which are used to mimic the structure and function of natural peptides, thereby aiding in the design of novel therapeutic agents. Its hydroxy and amino functional groups make it a versatile building block for constructing complex molecules with potential applications in treating metabolic disorders and inflammatory conditions.