Used in the synthesis of pharmaceutical intermediates, particularly in the development of analgesic and anti-inflammatory agents. It serves as a building block in organic reactions due to the presence of both ester and phenolic functional groups, enabling derivatization for drug discovery. Also employed in the preparation of dyes and UV-absorbing compounds owing to its aromatic and hydrogen-bonding structure. Its reactivity makes it suitable for use in peptide coupling and heterocycle formation under mild reaction conditions.