This compound is primarily utilized in the pharmaceutical industry as an intermediate in the synthesis of various active pharmaceutical ingredients (APIs). It plays a crucial role in the development of analgesic and anti-inflammatory drugs due to its structural similarity to salicylic acid derivatives, which are known for their therapeutic properties. Additionally, it is employed in research settings for studying biochemical pathways and enzyme interactions, particularly those involving inflammation and pain modulation. Its applications also extend to the production of specialty chemicals used in diagnostic reagents and biomedical research.