This chemical is primarily utilized in the synthesis of complex organic compounds, particularly in the development of pharmaceuticals. It serves as a key intermediate in the production of certain drugs that target specific biochemical pathways. Its structure, featuring hydroxyl and methoxy groups, makes it suitable for further chemical modifications, enabling the creation of molecules with potential therapeutic properties. Additionally, it is employed in research settings to study its reactivity and potential applications in medicinal chemistry. Its role in the synthesis of bioactive molecules highlights its importance in drug discovery and development processes.