Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of certain analgesic and anti-inflammatory agents. It serves as a building block in organic reactions where the hydroxymethyl group can be further modified, such as through oxidation or esterification, to form active drug compounds. Its chloro and methoxy substituents help direct further chemical modifications, making it valuable in medicinal chemistry for developing targeted molecules. Also employed in the preparation of agrochemicals and specialty chemicals requiring specific aromatic substitutions.