Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of certain anti-inflammatory and analgesic agents. It serves as a building block in organic reactions where selective protection of phenolic hydroxyl groups is required, due to the presence of the benzyl-protected hydroxy functionality. Its carboxylic acid group allows for easy derivatization into esters, amides, or other functional groups, making it valuable in medicinal chemistry for constructing complex molecules. Also employed in the development of natural product analogs and in structure-activity relationship (SAR) studies.