This compound is primarily utilized in the synthesis of pharmaceutical intermediates. It serves as a key building block in the development of various active pharmaceutical ingredients (APIs), particularly those targeting inflammation and pain management. The presence of both hydroxyl and ester functional groups allows for versatile chemical modifications, making it valuable in organic synthesis. Additionally, it is employed in research settings for the development of novel therapeutic agents, especially in the field of medicinal chemistry. Its structural features also make it suitable for use in the production of fine chemicals and specialty compounds.