This compound is primarily utilized in the synthesis of active pharmaceutical ingredients (APIs) due to its versatile chemical structure. It serves as a key intermediate in the production of various drugs, particularly those targeting anti-inflammatory and analgesic properties. The presence of both hydroxyl and cyano groups allows for further chemical modifications, enabling the creation of complex molecules with specific therapeutic effects. Additionally, it is employed in organic synthesis for the development of fine chemicals and specialty compounds used in research and industrial applications. Its stability and reactivity make it a valuable component in the development of novel chemical entities.