Used as an intermediate in the synthesis of pharmaceuticals, particularly in the development of selective estrogen receptor modulators (SERMs). It plays a key role in creating compounds with hormonal activity, useful in treating conditions like breast cancer and osteoporosis. Its aldehyde and ether functional groups allow for versatile chemical modifications, making it valuable in medicinal chemistry for building complex drug molecules. Also utilized in research for developing novel bioactive compounds and in the preparation of fluorescent probes due to its favorable reactivity and structural properties.