Used as an intermediate in the synthesis of pharmaceuticals, particularly in the production of nonsteroidal anti-inflammatory drugs (NSAIDs) and other bioactive molecules. Its functional groups allow for further chemical modifications, making it valuable in organic synthesis for constructing carbon-carbon and carbon-heteroatom bonds. Commonly employed in the preparation of α-substituted phenylacetic acid derivatives, which are structural motifs in several therapeutic agents. Also utilized in the development of agrochemicals and specialty chemicals due to its reactivity in substitution and esterification reactions.