Used in pharmaceutical research as a chiral building block for the synthesis of complex molecules, particularly in the development of drugs targeting neurological disorders. Its anthracene moiety allows for fluorescence studies, aiding in the visualization of biological processes. The compound is also employed in asymmetric catalysis to create enantioselective reactions, which are crucial for producing optically active pharmaceutical agents. Additionally, it serves as a precursor in the synthesis of advanced materials with potential applications in organic electronics and photonics.