Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of active pharmaceutical ingredients (APIs) for central nervous system agents and anti-inflammatory drugs. Its functional groups allow for selective modifications, making it valuable in building complex organic molecules. Commonly employed in cross-coupling reactions and nucleophilic substitutions due to the presence of halogen atoms. Also utilized in agrochemical research for designing novel pesticides and herbicides. Its benzyl alcohol moiety facilitates further derivatization, enabling the creation of esters, ethers, and other functional derivatives in medicinal chemistry.