Used as a key intermediate in the synthesis of fluorinated pharmaceuticals, particularly in the development of non-steroidal anti-inflammatory drugs (NSAIDs) and selective COX-2 inhibitors. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for building bioactive molecules. Also employed in the preparation of fluorescent probes and dyes due to its phenolic and ketone functionalities, which can participate in condensation and coupling reactions. Commonly utilized in research settings for designing novel compounds with potential antimicrobial and anticancer activities.