This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. It is particularly significant in the development of non-steroidal anti-inflammatory drugs (NSAIDs) due to its structural similarity to active pharmaceutical ingredients that target inflammation and pain. Additionally, it serves as a building block in organic synthesis for creating more complex molecules with potential therapeutic applications. Its benzamide and phenylacetic acid moieties make it a versatile precursor in drug discovery and development processes.