Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the preparation of non-steroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its reactive aldehyde and ketone functional groups allow for versatile transformations, including condensation and cyclization reactions, making it valuable in constructing heterocyclic compounds. Commonly employed in research settings for developing new drug candidates and in the production of fine chemicals requiring biphenyl-based scaffolds.