Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of benzimidazole-based drugs which exhibit antimicrobial, antiviral, and antifungal activities. It serves as a building block in creating compounds with potential use in treating gastrointestinal disorders, parasitic infections, and certain types of cancer. Its hydroxyl and benzyl functional groups allow for further chemical modifications, making it valuable in medicinal chemistry for structure-activity relationship studies. Also employed in the preparation of ligands for metal-catalyzed reactions in organic synthesis.