Used as an intermediate in the synthesis of pharmaceuticals and fine chemicals, particularly in the development of radiopharmaceuticals due to the presence of iodine, which can be used for labeling. It serves as a building block in organic synthesis for creating complex aromatic compounds, especially in the preparation of bioactive molecules and heterocyclic compounds. Its aldehyde and hydroxyl functional groups allow for diverse chemical modifications, making it valuable in medicinal chemistry and drug discovery processes.