Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of nonsteroidal anti-inflammatory drugs (NSAIDs) like indomethacin. Its structure allows for further chemical modifications, making it valuable in constructing complex aromatic systems. Commonly employed in esterification and halogen displacement reactions to introduce functional groups in active pharmaceutical ingredients. Also utilized in research settings for developing new bioactive molecules and in the preparation of specialty chemicals for agrochemicals and dyes.