This compound is primarily utilized in the synthesis of pharmaceuticals and organic intermediates. It serves as a key building block in the production of anti-inflammatory and analgesic drugs due to its structural properties, which allow for effective modification into active pharmaceutical ingredients. Additionally, it is employed in the development of specialty chemicals used in research and industrial applications, particularly in the study of biochemical pathways and drug discovery. Its methoxy and acetyl functional groups make it a versatile reagent in organic synthesis, enabling the creation of complex molecules with potential therapeutic benefits.