Used in the synthesis of pharmaceuticals and bioactive compounds due to its ability to act as a building block for more complex molecules. Its phenolic hydroxyl and amide functional groups allow for easy modification, making it valuable in medicinal chemistry. Commonly employed in the development of kinase inhibitors and anti-inflammatory agents. Also utilized in polymer chemistry to create functionalized hydrogels and responsive materials, where the compound contributes to improved biocompatibility and targeted drug delivery systems. Its structure supports conjugation with biomolecules, enabling applications in bioconjugation and labeling techniques.