Used in organic synthesis as a building block for creating more complex molecules, particularly in the development of pharmaceuticals and agrochemicals. It serves as a key intermediate in the production of compounds with potential therapeutic properties, such as anti-inflammatory and anticancer agents. Additionally, it is utilized in research to study its role in the synthesis of indole derivatives, which are important in medicinal chemistry. Its methoxy and carboxylic acid groups make it a versatile reagent for modifying and designing new chemical entities.