This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting cardiovascular and neurological disorders. Its structure is key in the development of beta-blockers, which are essential in managing hypertension and irregular heart rhythms. Additionally, it serves as a chiral building block in the production of enantiomerically pure drugs, enhancing their efficacy and reducing side effects. In research, it is employed as a precursor in the study of receptor interactions and enzyme mechanisms, aiding in the discovery of new therapeutic targets. Its role in organic synthesis also extends to the creation of complex molecules with potential applications in medicinal chemistry.