Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of fluorinated drug compounds where the fluorine atoms enhance metabolic stability and bioavailability. Its structure is valuable in developing active ingredients for central nervous system agents and anti-inflammatory medications. Also employed in agrochemicals for the creation of herbicides and fungicides due to its ability to improve lipophilicity and resistance to degradation. The phenolic group allows for easy functionalization, making it a versatile building block in organic synthesis and medicinal chemistry.