Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of anti-inflammatory and lipid-lowering agents. Its structure allows for easy modification, making it valuable in creating analogs for drug discovery. Also employed in the preparation of prodrugs due to the presence of carboxylic acid functionality, which can be esterified to improve bioavailability. Additionally, it serves as a building block in organic synthesis for introducing phenoxyalkyl motifs in bioactive molecules.