Used as a key intermediate in the synthesis of non-steroidal anti-inflammatory drugs (NSAIDs), particularly in the development of selective COX-2 inhibitors. Its structure supports the formation of biaryl motifs found in several bioactive molecules. Also employed in the preparation of liquid crystal compounds due to its rigid biphenyl core and functional groups that allow for further chemical modification. Additionally, it serves as a building block in medicinal chemistry for designing compounds with anti-cancer and anti-diabetic activities.