This chemical is primarily utilized in the pharmaceutical industry as a key intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It is particularly significant in the development of drugs targeting central nervous system disorders, such as depression and anxiety, due to its structural properties that allow it to interact with specific neurotransmitter systems. Additionally, it serves as a building block in the creation of compounds with potential therapeutic effects in cardiovascular and metabolic diseases. Its role in enantioselective synthesis is also noteworthy, as it contributes to the production of chiral drugs with enhanced efficacy and reduced side effects.