This compound is primarily utilized in the synthesis of various pharmaceutical intermediates. It serves as a key building block in the development of drugs targeting cardiovascular and neurological disorders. Its structural properties make it suitable for creating molecules that can interact with specific biological receptors, enhancing therapeutic efficacy. Additionally, it is used in research settings to study metabolic pathways and enzyme interactions, contributing to the advancement of medicinal chemistry. Its methoxy and hydroxyl groups provide versatility in chemical modifications, enabling the creation of derivatives with potential applications in drug discovery and development.