Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of angiotensin II receptor blockers (ARBs) like candesartan and olmesartan, which are used to treat hypertension. Its functional groups—nitrile, ester, and hydroxyl—allow for selective chemical modifications, making it valuable in constructing complex drug molecules. Also employed in the development of agrochemicals and functional materials due to its aromatic backbone and reactivity profile.