Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system agents and antidepressants. Its structure supports the creation of bioactive molecules due to the presence of both amine and hydroxyl functional groups, enabling hydrogen bonding and improved solubility. Commonly employed in the preparation of contrast agents for medical imaging and in the design of ligands for receptor binding studies. Also utilized in the production of specialty polymers and as a building block in medicinal chemistry for drug discovery research.