Used as a key intermediate in the synthesis of various pharmaceutical compounds, particularly in the production of benzimidazole derivatives, which exhibit antimicrobial, antiviral, and anticancer properties. It plays a crucial role in organic synthesis, especially in the formation of ester and amide bonds, making it valuable in drug development and research. Additionally, it is utilized in the preparation of dyes and other fine chemicals due to its reactive hydroxyl and imidate functional groups.