This compound is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It is particularly valuable in the development of drugs targeting neurological disorders, such as antidepressants and antipsychotics, due to its structural properties that can influence neurotransmitter activity. Additionally, it serves as a building block in organic synthesis for creating more complex molecules with potential therapeutic applications. Its chiral nature makes it significant in the production of enantiomerically pure compounds, which are crucial for ensuring the efficacy and safety of certain medications.