Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of fluorinated compounds with enhanced metabolic stability and bioavailability. Its structure supports the creation of chiral building blocks for active ingredients in central nervous system agents and anti-inflammatory drugs. The presence of both hydroxyl and trifluoromethyl groups allows for selective chemical modifications, making it valuable in medicinal chemistry research. Also employed in the preparation of liquid crystals and functional materials due to its rigid aromatic backbone and polar functional groups.