Used as an intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system (CNS) active agents. Its structure supports the creation of selective receptor modulators, making it valuable in drug discovery for neurological and psychiatric disorders. Commonly employed in the preparation of beta-blockers and other cardiovascular medications due to its ability to mimic bioactive conformations. Also utilized in research settings to explore new therapeutic targets involving G-protein coupled receptors (GPCRs).