Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and antidepressant drugs. Its structure allows for easy modification to form active compounds that interact with neurotransmitter receptors. Commonly employed in the preparation of serotonin and norepinephrine reuptake inhibitors due to the presence of both amine and alcohol functional groups, which are critical for binding activity. Also utilized in the production of specialty chemicals and as a building block in medicinal chemistry for creating libraries of bioactive molecules.