This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a key role in the development of drugs targeting neurological and cardiovascular disorders due to its structural properties, which allow it to interact effectively with biological systems. Additionally, it is used in research settings to study receptor binding and enzyme interactions, aiding in the discovery of new therapeutic agents. Its methoxyethoxy group enhances solubility, making it valuable in formulations requiring improved bioavailability.