Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of certain analgesic and anti-inflammatory agents. It serves as a building block in organic reactions due to the presence of both phenolic and ketone functional groups, enabling derivatization for drug development. Also utilized in the preparation of fragrances and flavoring agents because of its aromatic characteristics. Its methoxy and hydroxyl groups allow for easy modification in synthetic pathways to generate biologically active molecules.