Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of antidepressants and antipsychotic drugs. Its structure supports the formation of active metabolites in central nervous system agents. Also employed in agrochemicals for creating herbicides and fungicides due to the stability and bioavailability imparted by the trifluoromethyl and methoxy groups. The compound's phenolic nature allows for easy derivatization, making it valuable in medicinal chemistry for building more complex molecules.