This compound serves as a key intermediate in the synthesis of tyrosine kinase inhibitors, particularly epidermal growth factor receptor (EGFR) inhibitors used in targeted cancer therapies. It is employed in pharmaceutical research for the development of drugs like Gefitinib analogs, which target signaling pathways in cancer cells, such as those in lung, breast, and colorectal cancers. The acetate group at the 6-position protects the hydroxyl functionality during synthesis, allowing for subsequent modifications to enhance selectivity and efficacy. Preclinical studies of derived compounds have shown promise in halting cancer cell proliferation and overcoming resistance to existing treatments, with ongoing investigations into clinical applications.