Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the production of certain antihypertensive and antiviral drugs. Its structure allows for selective functionalization in multi-step organic reactions, making it valuable in medicinal chemistry. Commonly employed in the development of iodinated aromatic compounds for imaging agents and radiopharmaceuticals due to the presence of iodine. Also utilized in the preparation of agrochemicals and fine chemicals where methoxy and aldehyde functionalities are needed for further derivatization.