Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of nonsteroidal anti-inflammatory drugs (NSAIDs). It serves as a building block in organic reactions due to the presence of both hydroxyl and acetyl functional groups, enabling derivatization for drug discovery. Also employed in the preparation of UV-absorbing compounds for use in sunscreens and cosmetic formulations, thanks to its ability to absorb ultraviolet light. Its ethoxy and hydroxy substituents enhance solubility and stability in various formulations, making it valuable in both medicinal and industrial chemistry.