This compound is primarily used in the synthesis of various pharmaceutical agents. It serves as a key intermediate in the production of beta-blockers, which are medications widely prescribed to manage cardiovascular conditions such as hypertension, arrhythmias, and angina. Its unique structure allows it to interact with adrenergic receptors, making it valuable in developing drugs that regulate heart rate and blood pressure. Additionally, it finds application in research settings for studying receptor-ligand interactions and designing new therapeutic compounds targeting the central nervous system. Its versatility in organic synthesis also extends to the development of agrochemicals and specialty chemicals.