This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various bioactive molecules. Its structure, featuring both hydroxyl and dimethylamino groups, makes it a valuable building block for the development of drugs targeting neurological and cardiovascular disorders. Specifically, it is often employed in the creation of compounds that interact with receptors or enzymes in the central nervous system, potentially aiding in the treatment of conditions like depression, anxiety, or Alzheimer's disease. Additionally, its chiral centers allow for the production of enantiomerically pure substances, which is critical for ensuring the efficacy and safety of pharmaceutical products. Outside of drug development, it may also find use in research settings for studying biochemical pathways or designing novel therapeutic agents.