This compound is primarily utilized in the synthesis of various pharmaceutical agents, particularly those targeting the central nervous system. It serves as a key intermediate in the production of beta-blockers, which are essential for managing cardiovascular conditions like hypertension and arrhythmias. Additionally, its structure is valuable in the development of compounds with potential antidepressant and anxiolytic properties. In research, it is employed to study receptor interactions and to design molecules with improved therapeutic efficacy. Its role in medicinal chemistry underscores its importance in advancing drug discovery and development.