This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. It serves as a key intermediate in the production of compounds targeting neurological disorders, such as Parkinson's disease and depression, due to its structural similarity to neurotransmitters. Additionally, it is employed in the development of adrenergic receptor agonists, which are used to treat conditions like hypotension and nasal congestion. Its methoxy and ethoxy functional groups make it a versatile building block in organic synthesis, enabling the creation of complex molecules with potential therapeutic applications. Researchers also explore its use in the design of bioactive molecules for studying receptor interactions and signal transduction pathways.