Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of certain antihypertensive and antiarrhythmic drugs. Its functional groups—nitrile, hydroxyl, and methoxy—allow for selective chemical modifications, making it valuable in constructing complex drug molecules. Commonly employed in multi-step organic syntheses where controlled substitution on an aromatic ring is required. Also utilized in the development of biologically active compounds due to its ability to mimic aromatic metabolites in medicinal chemistry pathways.