This compound is primarily utilized in the synthesis of various pharmaceutical agents due to its hydrazide functional group, which is reactive and can form hydrazones and other derivatives. It serves as a key intermediate in the production of drugs targeting neurological disorders, as it can be used to create compounds with potential antidepressant or anticonvulsant properties. Additionally, it is employed in the development of anti-inflammatory and antimicrobial agents, where its structure contributes to the biological activity of the final product. Its methoxy group also enhances its ability to interact with biological targets, making it valuable in medicinal chemistry research.