Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the preparation of benzodiazepines and other bioactive molecules. Its reactive bromomethyl group allows for easy alkylation, making it valuable in forming carbon-heteroatom or carbon-carbon bonds during drug development. Also employed in the production of agrochemicals and specialty polymers where functionalized aromatic building blocks are required. Its ability to undergo esterification and amidation further extends its utility in creating diverse compound libraries for medicinal chemistry.