Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of vasodilators and cardiovascular drugs. Its reactive chloromethyl group allows for easy alkylation, making it valuable in forming ether or ester linkages in active drug molecules. Commonly employed in the preparation of ring-substituted benzodioxane derivatives, which exhibit biological activity such as smooth muscle relaxation and antiarrhythmic effects. Also utilized in research settings for the construction of more complex heterocyclic systems in medicinal chemistry.